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Sec 16(4) — time limit for availing ITC for a particular financial year is the EARLIER of:
A30th September of next FY or filing of annual return
B31st December of next FY
C30th November of next FY or filing of annual return for that year, whichever is earlier
D31st March of next FY
Answer & Solution
Correct answer: C. 30th November of next FY or filing of annual return for that year, whichever is earlier
1. Sec 16(4) (as amended w.e.f. 01.10.2022) — ITC for an invoice/debit note can be availed up to the EARLIER of:
2. (a) 30th November following the end of the financial year to which such invoice pertains, OR
3. (b) Filing of the annual return for that year.
_Source: ICAI BoS CA Final Paper 8, Ch 6 "Input Tax Credit", §Sec 16(4)_
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