we ABC PVT LTD have sold goods to BHEL company, but while payment BHEL have paid the amount after deducting late delivery charges.
Now BHEL is not ready to give Invoice OR Debit Note of LD charges to us (ABC PVT LTD).
Can ABC PVT LTD reduce their tax liability Issuing credit note to BHL?
No. The late delivery charges not applicable in the supplies value.
It's both if party's business agreements. So, it will be account under PandL account.
CAclubindia
