Tax audit 44 AB
This query is : Resolved
10 May 2008
every person whose total sales or turnover or gross receipts > 40 laks is subject to tax audit..does this gross recipts include service tax and vat??
10 May 2008
yes.
10 May 2008
as per guidence note issued by ica clause 5.6.If,however,the excise duty an/or sales tax recovered are credited separately to excise duty or sales tax a/c (being separate a/c) & payments to the authority are debited in the same a/c,they would not be included in the turnover.
10 May 2008
AGREE WITH SRI HEMANT.
PL. NOTE SERV. TAX NOT TO BE INCLUDED FOR TDS PURPOSE UNDER SEC194-I RENT .
PLEASE REFER CBDT CIRCULAR NO.04/2008 DT.28 TH APRIL 08
Service tax paid by the tenant doesnt partake the nature of income of the landlord. The landlord only acts as a collecting agency for Government for collection of service tax. Therefore it has been decided that tax deduction at source (TDS) under sections 194-I of Income-tax Act would be required to be made on the amount of rent paid/payable without including the service tax.
THEREFORE SERV. TAX NOT TO BE GROSSED UP AND ADDED AS TURNOVER BEING NOT APPLICABLE UNDER SEC 194-I-RENT.
R.V.RAO
PL. NOTE SERV. TAX NOT TO BE INCLUDED FOR TDS PURPOSE UNDER SEC194-I RENT .
PLEASE REFER CBDT CIRCULAR NO.04/2008 DT.28 TH APRIL 08
Service tax paid by the tenant doesnt partake the nature of income of the landlord. The landlord only acts as a collecting agency for Government for collection of service tax. Therefore it has been decided that tax deduction at source (TDS) under sections 194-I of Income-tax Act would be required to be made on the amount of rent paid/payable without including the service tax.
THEREFORE SERV. TAX NOT TO BE GROSSED UP AND ADDED AS TURNOVER BEING NOT APPLICABLE UNDER SEC 194-I-RENT.
R.V.RAO
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