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
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
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