Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Opportunity Finance Ltd., a Non-Banking Financial Company furnishes the following details for the month of June 2020 Interest Income 2,80,00,000 Loan processing fees 16,00,000 Other

image text in transcribed

Opportunity Finance Ltd., a Non-Banking Financial Company furnishes the following details for the month of June 2020 Interest Income 2,80,00,000 Loan processing fees 16,00,000 Other Incomes 30,00,000 Total Input credit availed during the period 22,00,000 Input credit availed for non business purpose 8,00,000 Opportunity Finance Ltd opted for availing ITC an amount equal to 50% of eligible credit. Calculate the Input Tax Credit available to Opportunity Finance Ltd

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Financial Accounting Information For Decisions

Authors: Author

10th Edition

1260386937, 9781260386936

More Books

Students also viewed these Accounting questions

Question

What does your husband/wife do?

Answered: 1 week ago

Question

Discuss labor unrest in China.

Answered: 1 week ago

Question

Explain union decertification.

Answered: 1 week ago

Question

Describe collective bargaining in the public sector.

Answered: 1 week ago