service tax payable not paid
This query is : Resolved
29 September 2010
assessee has collected service tax but not paid.
assessee do not cr service tax to p&l
debtor dr 110
income cr 100
service tax cr 10
now how the effect of 43B will get exercise?
whether rs. 10 will get added back to profit? but assessee is not claiming rs. 10 as expenditure...
pl clarify
assessee do not cr service tax to p&l
debtor dr 110
income cr 100
service tax cr 10
now how the effect of 43B will get exercise?
whether rs. 10 will get added back to profit? but assessee is not claiming rs. 10 as expenditure...
pl clarify
29 September 2010
The service tax is to be treated as business income and deduction of same is to be allowed only on payment basis. In short the tax not paid is to be added back to the income.
29 September 2010
It is not a expenditure, It is a liability, so not crediting in P/L is correct.
If the company is not depositing the service tax, sec 43B doesn't attract. ( sec 43B says expenses deductible on payment basis) Becoz this is the matter of service tax. Service tax deptt. will raise the demand with intt. and penalty.
If the company is not depositing the service tax, sec 43B doesn't attract. ( sec 43B says expenses deductible on payment basis) Becoz this is the matter of service tax. Service tax deptt. will raise the demand with intt. and penalty.
29 September 2010
For the clarity, the assessee is advised to deposit the service tax collected on his own (suo moto) along with interest @13% P.A., in order to avoid later complication.
Regards
K.L.Paliwal
Regards
K.L.Paliwal
Message likes :
1 times
29 September 2010
Hi,
Pay all legal/Mandatory dues by making ledger scrutiny month end.Also see company is not bearing interest for accountant's work
Liability can't go as income.Pay as advised above,
Pay all legal/Mandatory dues by making ledger scrutiny month end.Also see company is not bearing interest for accountant's work
Liability can't go as income.Pay as advised above,
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- 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
Trending Online Classes
CAclubindia
