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Reverse charge
Reverse charge is applicable on which heads of P & L a/c
Replies (2)
ITC available on Reverse Charge....
So when you paid it then it can be declare in Duties & Taxes in Asset Side....
But Duties and Taxes is may consider as liability in Tally software. So it will be shown in your liability portion after deducting of output.....
As ITC is available on Reverse Charge so this is not your expenses the amount shall not be declare in P/L account.
So It shall be declare in Balance Sheet...
My query was , On which types of expenses, Reverse charge is applicable?
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