Need to Reverse Excess ITC Claim

257 views
User Avatar

Accountant
99 Points Posted on 20 May 2020
Dear Expert,

I have claim excess itc in the month of Sept but I need to reverse it in the month of mar. I have ITC available in our electronic credit ledger but don't have itc for the month of mar. In that condition can I revert ITC
0 Reply Share Follow
On 20 May 2020 at 16:35 Report
Replies (2)
Quick Summary
This discussion addresses how to reverse an excess Input Tax Credit (ITC) claim made in September, which needs correction in March. The expert confirms that the ITC can be reversed even if you don't have ITC available for March, provided your ITC shows a negative value in the electronic credit ledger.

User Avatar

B.Com (H) CA
70 Points Posted on 20 May 2020
Yes it can be reverted
Reply
On 20 May 2020 at 18:15
User Avatar

Accountant
99 Points Posted on 21 May 2020
ITC show negative value then it can be reverted.
Reply
On 21 May 2020 at 17:04

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Foreign remittance
  2. Affordable Residential Flats in Gurgaon
  3. Manufacturing
  4. TAN REGISTRATION ON E-FILLING SITE
  5. Form 10-IEA – Continuing Old Regime
  6. Income tax act 2026
  7. Belated Return where Form 10IEA filed this year to
  8. GST Reconciliation Tool (2A vs Books) - looking fo
  9. TDS ON PF FORM 19 WITHDRAWAL
  10. Can a virtual office in Mumbai be used for company

More recent discussions | Post

Related Topics :

Loading