Input is claimed erroneously and not utilised during the same financial year.
Now I am reversing it after I get notice violation of 16(4).
I will have to pay interest on the same amount? if no, please suggest me circular no, notification no or press release.
Menu
Interest may levy or not
Replies (2)
Was the input utilised in any subsequent years?
If input is not utilized (your e credit ledger does not fall below the amount of wrongly claimed and availed ITC) then you need not pay any interest in view of section 50(3) read with rule 88B.
Recent Topics :
- Capital gains on sale of flat from wife to husband
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
Related Topics :
CAclubindia
