Input Credit

18 April 2019

Can we take input credit on Expenses?

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4 Replies

raghu (proprietor) (87 Points)
Replied 18 April 2019

we can claim input tax on all business related expenses except on construction works

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RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 18 April 2019

Yes... You can claim ITC for the expense which is in Business activities...

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Poorna Chandra (6 Points)
Replied 18 April 2019

What entry should be passed in tally for Computer repair & maintenance....

Whether expense should be booked or purchase entry should be passed??

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 18 April 2019

In Tally You can book the expense in Journal entry...

Dr. The Expense Head - XXXX
Dr. Input Tax - XXXX
Cr. Supplier Name - XXXX.

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