banner_ad

ITC on Prepaid Expenses

ITC / Input 2594 views 3 replies
User Avatar

Accountant
3479 Points Posted on 23 May 2018
ITC taken on Prepaid expenses by us on basis of Tax Invoice received & payment also done to supplier but full service not received.

Is it correct? (ITC claimed by us)
9 Reply Share Follow
On 23 May 2018 at 23:37 Report
Replies (3)
User Avatar

Student
299 Points Posted on 24 May 2018
As per one of the condition for claiming ITC u/s 17, ITC can be claimed only if supply has already been received by recipient. So ITC can be claimed only when such expenses would actually accrue.
Reply
On 24 May 2018 at 08:03
User Avatar

Accountant
3479 Points Posted on 24 May 2018
Thank you Anirudh Ji, what should I do, in case full ITC already claimed
9 Reply
On 24 May 2018 at 10:08
User Avatar

Student
299 Points Posted on 24 May 2018
Ur welcome Jatin!! Treatment of reversal of ITC would be similar as is done in case of non payment within 180 days i.e. book output tax liability along with interest in next tax period return & book ITC in the period when expense will accrue.
Reply
On 24 May 2018 at 10:26


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details