Service tax on insurance commission received
This query is : Open
04 September 2014
Dear All,
I am Purchasing Travel Insurance Policy from Reliance agent for Rs 100/- and collecting Rs 100/- from my Customer. Below is the details of how i am doing Invoicing in my Book of Accounts
Debtors A/c ......Dr 100/-
to Reliance Vendor A/c ...... Cr 100/-
But I am getting Rs 30/- as commission from Insurance company. so at the time of making payment i am paying cash of RS 70/- to my insurance Agent and deducting Rs 30/- from policy amount of RS 100/-.
Should i pass the below JV and pay service Tax .
Reliance Vendor A/c.....Dr 30/-
To Insurance Commission A/c..... Cr 26.70/-
To Service Tax A/c ..............Cr 3.30/-
Please check the above JV and let me know the correct way of doing the above transaction.
I am Purchasing Travel Insurance Policy from Reliance agent for Rs 100/- and collecting Rs 100/- from my Customer. Below is the details of how i am doing Invoicing in my Book of Accounts
Debtors A/c ......Dr 100/-
to Reliance Vendor A/c ...... Cr 100/-
But I am getting Rs 30/- as commission from Insurance company. so at the time of making payment i am paying cash of RS 70/- to my insurance Agent and deducting Rs 30/- from policy amount of RS 100/-.
Should i pass the below JV and pay service Tax .
Reliance Vendor A/c.....Dr 30/-
To Insurance Commission A/c..... Cr 26.70/-
To Service Tax A/c ..............Cr 3.30/-
Please check the above JV and let me know the correct way of doing the above transaction.
16 September 2014
Dear All,
Please Help
Please Help
25 September 2014
Dear All,
Please Help for above query.
Please Help for above query.
16 October 2014
Need your advice on above Querry
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
