ITC reversal against FD interest
Mukesh babu (No) (105 Points)
23 August 2019
Whether proportionate input tax needs to be reversed against Fixed Deposit Interest Income as per rule 42(1)???
2 Replies
sujith kumar dasa
(banglore)
(1496 Points)
Replied 24 August 2019
No interest on FD should not be considered for propertionate reversal of input credit
Mukesh babu
(No)
(105 Points)
Replied 05 September 2019
hi sir thanks for your reply. is there any logic behind for fd interest need not to be considered for reversal of input credit??
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