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Availing input credit

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(Querist)
25 June 2009 Dear experts

I am doing an audit of a trading Company.
The Company has an opening credit balance. I wanted to know that whether the company can avail this input credit in the current year and also the time limit for availing the credit...
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
25 June 2009 credit can be taken after payment within six month.

Utilization of balance can be utilized in any financial year. its current assets. balance sheet part.

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