One bill of fy 2014-15

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2016 One bill of financial Year 2014-15 ( For January 2015) yet not booked but i want to book this expenses . what will be its implication

security service charge 50000.00
Service tax 6180.00
Total 56180
Now how to make entry , whether i have to service tax input can be booked as expenses because more than one year cenvat credit will be not allowed , please reply this question & what will be tax effect on service tax and income tax.

PRADEEP KUMAR VATS

PRADEEP KUMAR VATS (Expert)
Follow

22 March 2016 Service tax implication :

No Credit will be available

income tax implication :

Due to not booking of invoice, TDS liability with interest under section 201 will arise.

So entry for both the above will be

Security service charges ac dr (Bill + Service tax amount)
Interest on TDS ac dr ( Interest on TDS amount)
To Party ac (Balance figure)
To TDS payable (TDS with interest)

Regards
Pradeep Kumar