21 April 2012
Respected All, Kindly give me the adequate way to perform the following:
Can I Take the credit of Service Tax in financial year 2012-13, Actually, S.T charged on vendor Service Invoice in F.Yr.2007-08 (Bill Dt.12.06.2007). However, Invoice had already taken in a/cs in financial year 2007-08 without consider the credit of service tax. Can I rectify by taking credit in this F.Yr.
21 April 2012
In that case you have to make adjustment in accounts at present such amount of input credit must habe been transferred to P & L A/C. there are case laws which support that credit can be taken if adjustment has been made in acconts. In that case it may rise to income tax liabiltiy
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