WRITEOFF OF EXCESS INPUT TAX CREDIT AND WORK CONTRACT TAX RELATED TO F.Y 2015-16

[AJIT Tiwary]

Dear Sir,

if Vat Input and Work contract tax has been carried forward since 3 year , now the assessment related to vat has been completed . can we write off the excess amount shown in balance sheet through profit and loss account. if yes kindly provide us the section and relevant case law if any.

Thanks

AI Summary

Can Excess Input Tax Credit from 2015-16 Be Written Off in P&L Account? Guidance on Legal Sections Needed. A participant in a discussion forum inquired about the possibility of writing off excess input tax credit and work contract tax from the financial year 2015-16. The query involves whether these amounts, carried forward for three years and now assessed, can be written off through the profit and loss account. The individual seeks guidance on the relevant legal section and any applicable case law for this action.