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TMI BlogComposition schemeX X X X Extracts X X X X X X X X Extracts X X X X ..... Composition scheme X X X X Extracts X X X X X X X X Extracts X X X X ..... led only once in financial year Reply By KASTURI SETHI: The Reply: Dear Querist, Two financial years are not involved. The query is not properly drafted. It is vague. Pl. redraft. Reply By CA Adarsh: The Reply: Query is tax payer opt out of composition scheme on 30-03-2024 and became regular tax payer.As per 18(1)(c) say tax payer can claim ITC 1 year from date of opt out and can filed once ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in financial year within 30 days from date of opt out In current case 30 days falls due on 29-04-2024 which is FY 24-25 and date of opt out is 30-03-2024 in FY 23-24. So query if I file itc-01in FY 24-25 pertaining to FY 23-24 but within due date of 29-04-2024. I am opinion that to filed once in a financial year can be different from FY of opt out and date of filing ITC-01 falling in different ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FY
Reply By Shilpi Jain:
The Reply:
I am not able to locate the provision which states that ITC-01 can be filed only once in the FY.
Also, the provision is clear, file within 30 days of being eligible for credit and that credit not older than 1 year can be claimed.
Reply By Ganeshan Kalyani:
The Reply:
I agree with the views of the expert. X X X X Extracts X X X X X X X X Extracts X X X X
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