service tax on advance payment received
This query is : Resolved
13 January 2009
Dear Sir,
We are a partnership firm providing BSS services.
We received on account advance payments from the party to whom we provided services and on whom we raised the bills
the amount received as adv ,we used in the business as follows
1.Payment of security deposits
2.purchase of assets.
3.and rest we used for business.
How we can save the interest on this advance payment received.
Please tel the accounting entries and how we show it in our books.
What shoub be our explanation on this in case of service tax query.
We are a partnership firm providing BSS services.
We received on account advance payments from the party to whom we provided services and on whom we raised the bills
the amount received as adv ,we used in the business as follows
1.Payment of security deposits
2.purchase of assets.
3.and rest we used for business.
How we can save the interest on this advance payment received.
Please tel the accounting entries and how we show it in our books.
What shoub be our explanation on this in case of service tax query.
19 April 2009
How you account for is not relevant to the provisions of payment of service tax
Advance is subject to service tax.
Interest will be applicable from the due date till the date of payment
Advance is subject to service tax.
Interest will be applicable from the due date till the date of payment
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Refund of AY 22-23
- TDR receipts for agreement holder
- Inventory of finished goods
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
- GSTR3B IMS Deshboard ( Rec. Solution )
Trending Online Classes
CAclubindia
