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CA Priti Bamal   26 November 2019

ITC in Balance Sheet

Itc in Balance sheet will be itc ledger on 31 March?or after setting off march's liability


 5 Replies

RAJA P M

RAJA P M ("Do the Right Thing...!!!")     26 November 2019

Free setting of March's liability (as per books...).
Amit Tripathy

Amit Tripathy   04 April 2020

Same question..plz explain in detail...

RAJA P M

RAJA P M ("Do the Right Thing...!!!")     04 April 2020

Ask Your query with details....
Amit Tripathy

Amit Tripathy   04 April 2020

Whether itc in balance sheet of 31st march 2020 will be itc ledger balance on 31.03.2020 or after setting off march liability?

RAJA P M

RAJA P M ("Do the Right Thing...!!!")     04 April 2020

After set off liability...

On 31st March we have ITC and Output Tax liability. As per accounting we must be calculate the outward tax with ITC value...

After calculating at the end of the FY we will show if payable liability then it's under Current Liability...
If Input Tax Credit then it's under Current Asset...

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