Reverse charge

20 June 2017

Reverse charge is applicable on which heads of P & L a/c

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 20 June 2017

ITC available on Reverse Charge....

So when you paid it then it can be declare in Duties & Taxes in Asset Side....

But Duties and Taxes is may consider as liability in Tally software. So it will be shown in your liability portion after deducting of output.....

As ITC is available on Reverse Charge so this is not your expenses the amount shall not be declare in P/L account.

So It shall be declare in Balance Sheet...

manoj k.k (85 Points)
Replied 20 June 2017

My query was , On which types of expenses, Reverse charge is applicable?

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