Hi all!
We are paying and claiming RCM on frieght @ 5% on same month on the cheque payments made to the transporters.
only Rs.750/- and above are taken for this purpose
do we following the right method?
also for eg.RCM paying for Nov and claiming Nov month itself is right?
any notification issued by Council for claiming in Same month ?
Yes .... RCM can be claimed on same month .
As per section 31(3)(f) the Recepien is required to issue self tax invoice in case of RCM payment & Rule 36(1) prescribe the document for claiming ITC & Tax invoice is valid document avail ITC , hence the ITC can be claim on same month
CAclubindia
