ITC ADJUSTMENT

305 views
User Avatar

40 Points Posted on 28 November 2020
can someone adjust his ITC availed in 2020-21 against tax of 2019-20,the return was filed in 2020-21 itself
0 Reply Share Follow
On 28 November 2020 at 06:14 Report
Replies (3)
Quick Summary
This discussion clarifies whether Input Tax Credit (ITC) availed in the 2020-21 financial year can be adjusted against the tax liability of 2019-20. The consensus is that if the ITC has been reflected in your ITC ledger, there are generally no restrictions on adjusting it against your output tax liability. You can utilise your ITC as needed.

User Avatar

Student CA Final
46 Points Posted on 28 November 2020
There is no restriction on adjusting ITC, you can adjust infinitely ITC, once it shown in your ITC ledger.
Reply
On 28 November 2020 at 08:59
User Avatar

Chartered Accountant in Practice
1260 Points Posted on 28 November 2020

In the absence of any specific restriction, you can utilize the ITC for payment of output tax liability.

Reply
On 28 November 2020 at 13:00
User Avatar

Accountant
3662 Points Posted on 28 November 2020
Yes, you can

No restrictions
Reply
On 28 November 2020 at 16:41

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Demand of Late fee/Interest under section 75 of GS
  2. DSC registration on TRACES portal
  3. Can we get registered for MCA if we get a Virtual
  4. DONATION PAYMENT REG
  5. GST IDS Refund – Statement 01A: Invoice Not
  6. TDS deposit code & TDS return
  7. AIS VS GST Mismatch- FY 2025-26
  8. Gross total income
  9. Export Compliance
  10. Sale of plots in open land

More recent discussions | Post

Related Topics :

Loading