Tax adjustemnts

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Anil (Querist)
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19 July 2013 Hi,

May i know the payment entries of TDS payable, Service tax payable and VAT payable, when there is a input Tax (TDS,Service TAX and VAT) and output Tax(TDS,Service TAX and VAT) in a company.

And how i can set off the payments payable tax with input tax.

Am getting trouble when am giving the entries in Tally for the payment of tax.

Thanks in Advance.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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19 July 2013 first is input TDS cant be adjust against output TDS.
only indirect taxes service tax, VAT can be adjusted.

entry will be :-
for VAT
say you made sale:-
then output VAT
you made purchase:-
then input VAT
balance is VAT payable pass journal.

and payment:-

VAT payable to bank.

Anil

Anil (Querist)
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19 July 2013 Thanks Ayush,

Can you pl tell about Service Tax Input And output,payment of Service tax. What is CENVAT Credit Input.

How we can set off the input service tax with output St.

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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19 July 2013 by simply passing a journal entry.

Anil

Anil (Querist)
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19 July 2013 What Is the JV and Could you pl tell about CENTVAT Credit INPUT?