Interested to Buy Any Domain ? << Click Here >> for more details...
how to credit available on service tax explaine procedure?
- 4 Answers
- 10727 Views
- Visa Steel, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / vpnarasimhan@gmail.com
First of all we should find out are we really eligible for
such credits. If so, what ever Service Tax we have paid in
out payments viz., on Telephone Bils, Credit Carsd Bills,
Tourist cab bills etc., i.e wherever/whatever servicetax
paid by us bills should be taken carefully.
Steps: aa) Take xerod copies of all the bills.
bb) ascertain the amounts and total for the
expenses viz., service tax charged in that bill & paid to
the vendor.
cc) its better to aopen an excel sheet and fill &
update all the bills' data on service tax.
dd) sum up and assign the total for the period say
for that particular month.
Second Stage: Suppose your Service Tax due is Rs: 23585/-
for a partifular month and you have paid service tax for
the services you have enjoyed - thro' vendor's bill and the
total is as per statement (dd) is say Rs : 3585/- You may
remit Rs: 20,000 (net) But you have to keep the xerox
copies of the bill which is required at the time of
scrutiny/assessment. But you can send a details statement
(excel sheet) at the time of monthly return.
Most important thing : while accounting the above you
should not book the entire expense since you are going to
enjoy the input credit of service taqx expenses treatment
should be given accordingly other wise it will affect P & L
| Is This Answer Correct ? | 20 Yes | 3 No |
Answer / jayaseelan.e
First of all we should find out are we really eligible for
such credits. If so, what ever Service Tax we have paid in
out payments viz., on Telephone Bils, Credit Carsd Bills,
Tourist cab bills etc., i.e wherever/whatever servicetax
paid by us bills should be taken carefully.
Steps: aa) Take xerod copies of all the bills.
bb) ascertain the amounts and total for the
expenses viz., service tax charged in that bill & paid to
the vendor.
cc) its better to aopen an excel sheet and fill &
update all the bills' data on service tax.
dd) sum up and assign the total for the period say
for that particular month.
Second Stage: Suppose your Service Tax due is Rs: 23585/-
for a partifular month and you have paid service tax for
the services you have enjoyed - thro' vendor's bill and the
total is as per statement (dd) is say Rs : 3585/- You may
remit Rs: 20,000 (net) But you have to keep the xerox
copies of the bill which is required at the time of
scrutiny/assessment. But you can send a details statement
(excel sheet) at the time of monthly return
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / ramesh.r
SERVICE TAX CREDIT MEANS THE INPUT SERVICE TAX I.E THE TAX
WHICH WE HAVE PAID ON HOUSE KEEPING BILLS, TELEPHONE
BILLS,CREDIT CARD BILLS,SECURITY BILLS,laundry ETC.,
PAYMENT FOR THE ABOVE BILLS WE WILL GET IN PUT SERVICE TAX
RAISING SERVICE BILLS TO CUSTOMER WE WILL GET OUTPUT
SERVICE TAX
OUT PUT SERVICE TAX - INPUT SERVICE TAX = SERVICE TAX
PAYABLE
INPUT TAX ON EXCISE CAN ALSO BE TREATED AS INPUT SERVICE
TAX CREDIT AS PER SERVICE TAX ACT.
| Is This Answer Correct ? | 4 Yes | 2 No |
Can TDS be deducted without the minimum exemption. for rent if annual rent is 1,50,000 then calculate TDS.
how much TDS required in telecommunication services ? Any types of Telecommunication, provider or services receiver
IF the turnover of assessee is below Rs 50 lacs but profit declared is less than 5% of turnover . IS he subject to tax audit?
I want know about the type of taxes? Why a company charged lesser tax against the 'C'form. what is th role of 'C' form and what is the custome duty and percentage of custome duty?
WHAT IS THE PORVISION OF INCOME TAX & SELF ASSESSMENT TAX AFTER AUDIT IN PVT LTD CO & LTD CO , PLEASE GIEVE ANSWER IN DETAIL WITH ENTERY TO MY E-MAIL ADDRESSS
what is the meaning of tax collection at source?
How can I Proceed to my client regarding Advertisement Bill as we are dealing in advertising agency and also clear us can we deduct TDS on their bill? For Example we receive a bill from The Sandesh Ltd. of Rs. 50000/- and they do not mention service tax in the bill. So, Kindly provide the Guidelines regarding This Problem.
How to reimburse TDS(Tax Deducted at Source)? I am getting monthly stipend of RS11,500. But still my employer deducting 1300 pm as TDS. They said they will issue form 16A to reimbruss. Please tell me the procedure to get my money back.
I run a small consultancy firm (partnership with my mother) from my residence address. My firm is not registered, but I do have a separate PAN for it. I do not have any salaried employees. I get work done by freelancers and vendors and pay them against invoice. My annual revenues are just about Rs 5-6 lakhs. I am aware that I would need to register for service tax once I touch Rs 9 lakhs. But I am confused about my obligation to get a TAN and deduct TDS for all vendor/freelancer payments. Are there any minimum thresholds for withholding TDS? Right now I pay 100% of invoice amounts. Please advise.
what is the journal entry if bank deducted tds on commision
WHAT IS PENALITY FOR LATE SALE TAX RETURN
If we use google licence in our office for one year.Google raised invoice annualy. so that on which section tds will be deducted.
Audit 
