hi i think nikita is right
Lakhan Singh
(Accountant)
(24 Points)
Replied 14 April 2009
hi friends,
what is the procedure to activate service tax and TDS rates, in which tally 7.2 calculated automatically
Sanjay Singh Rana
(CA)
(208 Points)
Replied 14 April 2009
hey neha why dont you use your brain there is a lot's of difference between sale and expenses and amit is talking about expense voucher if you think i am wrong please clarify
Originally posted by :NEHA SHARMA
"
hi i think nikita is right
"
Kshitij Saxena
(CA Final)
(256 Points)
Replied 15 April 2009
Well the entry in books of Service receiver should be like this :
Professional Charges -Dr. 10000
Input Sevice Tax A/c -Dr. 1236
To Party A/c 11236
Party A/c -Dr. 11236
To Discount Rec. 562
To Bank 10674
In the Books of Sevice Provider :
Party A/c -Dr. 11236
To Professional Receipt 10000
To Service Tax Payable 1236
Bank A/c -Dr. 10674
Discount Allowed -Dr. 562
To Party A/c 11236
1.In Sevice Tax Act the tax will be charged the bill amount regarded as your Gross Tax Liability therefore by no means you directly increase/decrease your Party A/c or the ST liability on it
2.As per ST Act even if you have received less payment on a bill and you regard it as final settlement then you will be liable to pay your full tax liability as discount is your private affair and not revenue authorities headache
benjonson
(manager)
(30 Points)
Replied 19 April 2009
First of all that road construct on the Government Land, ok On what basis you construct road on the land. It you took land on lease from the Government, you can not capitalise the Road. Or else, because you are getting some fee viz tollplaza and other things you get some income on that. In this you can follow the works contract. The Government granting the land to the company on that compnay land you construct road for the fesibility of infrastructure development you can capitalise.
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benjonson
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