banner_ad

GST input reversed is allowed as deduction in income tax

247 views 3 replies
GST input is taken in finacial year 2017-18 Rs.50000 and same input reversed is reversed in next finacial year 2018-19 Rs.50000 With interest 3000 it is allowed as a deduction in income tax in the financial year 2018-19?
Replies (3)
Yes . Any interest, fees , duty , cess , tax paid is allowed as deduction under section 43b in Income Tax 1961
Prior period expenses booked in current year is disallowed in the income tax assessment for current year.
But Interest on wrong utilisation of gst credit is paid on current year 18 - 19


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
02 May 2026
Experience Audit Manager

AGGARWAL SAMIR & CO

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
01 May 2026
Chartered Accountant

Agrawal Jain & Co.

Raipur

CA

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
ARTICLESHIP 05 May 2026
ARTICLED ASSISTANT

JS ADVISORS

New Delhi

CA Inter

View Details