Team,
What are the consequences if we make payment of Nov2019 Tax invoice now ?like how does it effect income tax, ITC, company act.
Shall I ask vendor to issue invoice with current date ?
FYI, No provision was made in last year book
Thanks,
Laxmi
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Last year Invoice
Replies (17)
Quick Summary
You should have reversed itc on completion of six months from the date of invoice if payment was not made along with interest.
Thereafter when you are making payment you can reclaim the itc on original invoice.
Thereafter when you are making payment you can reclaim the itc on original invoice.
We received invoice yesterday.Can I ask vendor to issue invoice with current FY date
You will not be able to claim ITC in respect of Nov19 invoice even if accounted now. Further, under income tax, such expense would be treated as prior period expense. Hence it is better to get a current dated invoice.
If I get current dated invoice can I get ITC poornima Ji ? we haven't made provision for this expense , so can we claim as income tax deduction in current year ?
If you have received the invoice now then you won't be able to claim ITC on it. Ask your vendor to issue a fresh invoice at current date.
Yes, you are right.
| Originally posted by : Laxmi Kudire | ||
 |
If I get current dated invoice can I get ITC poornima Ji ? we haven't made provision for this expense , so can we claim as income tax deduction in current year ? |  |
Yes, you are right.
Yes this is what question, if vendor issue invoice with current date mentioning nature of expense with previous period Can we get ITC ? and income tax deduction?
Yes, you can..........................
Thanks so both ITC as well as prior period expense are allowed then
If its shown that services were rendered in last year then it would violate provisions of gst invoice and time of supply.
you must show it as a current year expense for activities performed in current year.
you must show it as a current year expense for activities performed in current year.
What are the consequences for not complying time of supply Veerendar ?
Itc may get denied ......
Any section or caselaw reference Zafar
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