Debit Note

Tax Glossary Definition

Debit Note

Debit Note – A debit note is a formal document prepared by a seller or buyer to record an increase in the amount owed by the other party. It is typically issued for reasons such as goods returned, price adjustments, or additional service charges and serves as an accounting record for rectifying or updating transactions.

Example: If a seller issues a debit note for ₹10,000 when defective goods are returned, it adjusts the buyer’s outstanding account balance accordingly.

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