I have taken excess ITC in 17-18, which i have not reversed it in 17-18 & 18-19 and also not utilized that excess ITC till date (i.e 19-20) and it is still in my credit ledger. Now i want to reverse that excess ITC what should i do? or what should i do of that excess credit in my credit ledger?
Read more at: https://www.caclubindia.com/forum/create_message.asp
Menu
Excess input tax credit
Replies (2)
you reverse through DRC03 with interest
reverse it through DRC-03, since input is not utilised dont pay interest. Even though there are kixed opinions that Interest is applicable, for now dont pay interest.
Since no interest is applicable on late payment of interest you can make it only on receipt of ang notice.
Since no interest is applicable on late payment of interest you can make it only on receipt of ang notice.
Recent Threads
- ITR Offline JSON Utility not showing saved drafts
- Incometax port8 not working
- U4gm-Leveling an Amazon Build with Lightning Spear
- 44ADA income declaration
- Taxation of RSU sold of foreign listed entity by e
- Form26QB in case of death of joint owner (seller)
- Exemption of allowance
- Hardship compensation recd from builder (redevelop
- ITC CLAIM REGARDING EXPENSES
- Section 54 exmeption on under construction propert
Related Threads
CAclubindia
