Menu
Input tax credit
we take an input tax credit on the proforma invoice what should we do now...
Replies (5)
Quick Summary
U can raise a debit note by mentioning the details of the proforma invoice by treating the proforma as the taxable invoice
Actually, we take an input tax credit on the proforma invoice which is given in June, and the bill comes in July
Raise a debit note for the proforma as said above and again take the input on the original tax invoice
Mr Sumit, it appears that there has been an early availment of credit. Credit of July has been availed in June and hence the company may have an exposure of interest for 1 month. No action is required. You may decided to pay interest now or wait for the department to demand. Further, if the company has excess ITC, then the interest also would not arise.
Sir, anything you pay against Profoma is treated as advance payment. book your expenses and input against original tax bill.. it may also be easy for you to check in future.
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
