Hi one query, when should we pass entry for increase of tax liability & increase of ITC for RCM.
Either on month end or date of filing of return.
End of each month.
Say for RCM for july:
1. Credit entry
RCM Input dr
to RCM Output
2. Set off entry at the end of july
RCM output Dr
to RCM Payable
CAclubindia
