S.Tax on Late/Delay payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2010 Is the Service tax laibility arise on the amount received as Late/Delayed Payment of the clients(Specially in case of Stock broker)?
If Yes ,under which category and any circular/notification on it.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

21 December 2010 Sir, Service tax is payable on cash basis.So you have to pay the tax only on receipt of payment.

Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2010 CA Shaileshji please tell me the catogery /circular/notification where it is mentioned that late/delay payment is chargeable to service tax.My query is the above mentioned part and not cash or accural basis.please do reply in this context

Upgrade to CAclubindia Pro. Subscribe Now!