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Reversal of input service tax to profit and loss account as extraordinary item
input service tax not claimed more than 8 months, can i reverse it to profit and loss account as extraordinary item.
Replies (3)
you can only claim input service tax claim with in 1 year from the date of invoice.After this you can not take the credit of input service tax if taken then pay an amount equivalent to ccr taken.
what, if the input tax credit is not claimed for more than 1 year. how it can be shown in financial statements(profit and loss A\c) as per Accounting standard and Income tax act
if you have not claimed the input credit then there is no requirement to show it anywhere , it has been already adjusted as expense.
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