26 June 2011
Sir, I am working in a IT company. Accounting Code for Ser.Tax.
00440245 Written as Rs. 40123 00440298 Written as 405 00440299 Written as 439 Total 40967 If 00440245 is 40123 then 00440298 is 802(i.e. 2%) 00440299 is 401(i.e. 1%) Total 41326 I am unable to understand this challan and tell me which I have given is it correct. Service Tax is 10% cess is 2% cess is 1% But my previous Accountnat paid like this. I am the only Accountant, Kindly give advise.
Now we are paying on the received amount from April to till now. But the Invoices are raised in the last F.Y.2010-11.Invoices are more than 6 months ago. Previous accountants are paid like this. Last F.Y. Bills is also continuing in this industry. I am new to this company & Prosedures also.
Is there any penalty for if we raised an Invoice in April - paying now. What is interest will be calculate on amount of Rs. 1532812/- received from April to till now.
I think Tax will be Total Rs.157880/-
10% 153281 2% 3066 1% 1533 If penalty give advise. How to calculate penalty. I am confused sir.
26 June 2011
Service tax was payable on the amount received and not on the bill raised. If Bill is raised in the previous financial year but the payment is not received, then there is no liability.
The payment of service tax has been shifted from cash basis to billing basis. But the the tax payer have the option to continue the cash basis till 30/06/11.
tax payable on Rs. 1532812/- received shall be as follows.
Services - 1389675/- S. Tax (10%) - 138967/- Ed. Cess(2%) - 2779/- SHEC (1%) - 1390/- Total = - 1532812/-
It has been presumed that the receipt is the gross amount received from customers(ie including service tax).
May I know how you calculated 1389675/- for services( The Percentage). We have received the total amount of Rs. 1532812/- on that amount s.tax to be deducted or any other process tell me Sir.
30 June 2011
Sir, I paid service tax for the f.y. 10-11 A.Y. 11-12. The bankers issued a note. In Prevoius Challans written 200 instead of this they wrote 400 in the companies coloumn.And I have not sign on the Original challans the name of the depositor. Plz Clarify.
CAclubindia
