22 August 2010
Hello expert, Under which group should the folowing ledger be created? 1. Advance paid to supplier - ledger shld be created or direct entry Supplier Dr. To bank can be passed?
2. TDS Receivable.
3. In a service company, mvat paid on stationery purchased should be added to the cost or separate Mvat i/p cr. a/c has to be created?
22 August 2010
1. Direct Entry could be made as the suppliers balance can be sometimes in debit and credit also. So under sundry creditors would do. At the time of balance sheet preparation the balance be checked and grouped accordingly. 2. Loans & Advances. 3. Added to the cost as no input for VAT can be taken by the service company.
23 August 2010
Aditya ji, For understanding WCT under mvat can you suggest any link other than mahavat.gov If you have any document on wct(working, return forms, due dates etc) pls. fwd to kb3108@yahoo.in / upload on cci & give the link.
23 August 2010
I know Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 under service tax the link is http://servicetax.gov.in/workcontract-rules.htm
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