Unfortunately I have not entry one purchase bill for month Jan 2020. Fy 2019- 20 on my books of Account and not taken ITC. But party submitted bill 2a on same month. Now how can I do because my itr audit completed
1) In GST the ITC will be not be allowed as per section 16(4) of the CGST act 2017 .
In other words , the ITC pertaining to F.Y 2019-20 is allowable till the due date of the return for the month of September , 20th OCT 2020 .
2) In Books of Accounts purchase Expense will be booked as prior period Expense as per AS8 , shall be shown separately in P&L accounts as " prior period Expense for F.Y 2019-20 .
3) In Income Tax Booked as " prior period expense " in P&L is non allowable expenditure .
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