Answer Posted / baseer tawheedi

1.
Salary A/c Dr Rs 20,000
To Salary Outstanding A/c Cr Rs 20,000
( Being salary outstanding)
Note: since salary is anture of expese therefore debited
and salary outstanding means salary not yet paid therefore
is a current liability. thus will be credited.
2.
Prepaid insurance A/c Dr Rs 5,000
To cash/Bank A/c Cr Rs 5,000
( Being insurance paid in advance )
Note:- Since insurance is paid in advance therfore is a
current asset.Hence ill be debited and cash decreases or
goes out so will be credited.

i want to learn income tax work please tell me about all dedutions exempations and income detail...how to calculate tax on net income

1908

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3192

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I have some queries about Service Tax, I am working in a Insurance Broking Company. 1) We have raised one bill on 25.04.09 for the services provided by us in the month Mar, 09 Now We received the chq on May, 09 followed in the Month of June,09. When the service tax is actually payable in the month of received of Service tax amount or in the month of services actually provided by us (Mar09) 2) Can we take 100% credit of Service Tax Input paid to those who provided services to us. Suppose Service Tax payable is Rs. 100/- and Service tax charged by the other firms/company Rs. 80/-. The question is That can we deduct Rs. 80/- (already paid). Now Net ST payable would be Rs. 20/- or other percent of service tax input is available 3) What is the rate of interest for Service tax if not paid on time. Pls help me out asap

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