Debit Note
Ranjeet Singh (accounts) (379 Points)
08 November 2018
Can a seller issue debit note to Purchaser ?If yes in which circumstances
2 Replies
CA Rakesh Joshi
(Chartered Accountant )
(1272 Points)
Replied 08 November 2018
Yes. Debit note can be issued in case there is a variation in price subsequent to sale and issuance of invoice.
Mayur Patil
(Article)
(1276 Points)
Replied 08 November 2018
To issue credit note or debit note its responsibility of supplier(seller)
As per sec 34 sub sec (1),(3)
Debit note : when tax charged in invoice is less than actual tax
Credit note : when invoice tax is higher than actual tax
In simple words credit note can be issue to decrease the tax amount and debit note issue to increase the tax amount
Tax difference may be result of defeciency of quantity or excess quantity charged in invoice compare to actual quantity
As per sec 34 sub sec (1),(3)
Debit note : when tax charged in invoice is less than actual tax
Credit note : when invoice tax is higher than actual tax
In simple words credit note can be issue to decrease the tax amount and debit note issue to increase the tax amount
Tax difference may be result of defeciency of quantity or excess quantity charged in invoice compare to actual quantity
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