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

Write-off of excess input tax and work contract tax: guidance on treating carried-forward credits in profit and loss. Whether excess input tax credit and work contract tax carried forward for several years may be written off through the profit and loss account once the related VAT assessment is complete, and request for the relevant statutory provision(s) and case law.