IDT Amendments for CA Final Nov 2012 Exam By CA Manoj Batra

Page no : 3

amit (trainee) (51 Points)
Replied 06 October 2012

AWESOME SHARING......................

1 Like

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Rahul Bansal (Finalist) (35929 Points)
Replied 07 October 2012

Originally posted by : amit
	AWESOME SHARING......................

(Guest)

Thanks a lot rahul .........

1 Like

Rahul Bansal (Finalist) (35929 Points)
Replied 07 October 2012

Originally posted by : Aspiring CA
	Thanks a lot rahul .........

Rahul Bansal (Finalist) (35929 Points)
Replied 10 October 2012

ATTENTION PLEASE:

SATELLITE BATCH KI DETAILS GALAT PRINT HO GAYI HAI AMENDENT BUK ME

WO 26TH SE BATCH START HAI - M,W,F (EVENING) - 5-15 TO 8-45 PM

ACTUALLY USME T,T,S MORNING KA TIME GALAT PRINT HO GAYA THA

PLEASE RECTIFY THIS...............

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Rahul Bansal (Finalist) (35929 Points)
Replied 10 October 2012

Corporate office

E-2 1st Floor,
Defence Colony,
New Delhi-110024
Phone: 011-41404111
..

Academic Office

1 / 53 First Floor,
Lalita Park,
Laxmi Nagar,
Delhi - 110 092
Phone: 011-47665566

Rahul Bansal (Finalist) (35929 Points)
Replied 14 October 2012

FOR RULE- 4 OF POT 2011-SIMPLE FORMULA- FIRST OF ALL DETERMINE
(i) Date on which taxable services have been provided;
(ii) Date of issue of invoice;
(iii) Date of receipt of payment
if any *two events* out of 3 above takes place prior to 31.03.2012, old rate i.e. 10.3%
if any *two events* out of 3 above takes place on or after 01.04.2012, new rate i.e. 12.36% ------------------ ILLUSTRATION

Rahul Bansal (Finalist) (35929 Points)
Replied 14 October 2012

Rahul Bansal (Finalist) (35929 Points)
Replied 15 October 2012

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Rahul Bansal (Finalist) (35929 Points)
Replied 18 October 2012

M/S RAJA LTD. has a practice of raising invoice immediately on the date of completion of service OR payment received whichever is earlier. ON the basis of following data for April 2012 onwards, advice M/S RAJA LTD. as to due date of payment of tax and SERVICE tax payable thereon and after claiming SSP exemption, if any. service tax rate is 12.36%.
M/S RAJA LTD.has provided the service in 2011-12 was 8.5 lakh.

Rahul Bansal (Finalist) (35929 Points)
Replied 18 October 2012

Replied By CA Manoj Batra:

SERVICE TAX- 12360 - CALCULATION AS FOLLOWS----..........

Amount received in APRIL 2012- Pertaining to MARCH 2012- NO S. TAX BECAUSE OF PRECEDING YEAR.. AND TAX HAS BEEN PAID IN P.Y OR EXEMPTED IN P.Y

FOR MAY 2012- EXEMPTION CLAIMED UPTO 5 LAKH.. ON INVOICE BASIS…

FOR JUNE 2012- S. RECIEVER WILL PAY SERVICE TAX, RAJA LTD S. PROVIDER SSP EXEMPTION LIMIT NOT BE EFFECTED DUE TO THIS…

FOR JULY 2012- SINCE THE SERVICE IS EXEMPTED, IT WILL NOT EFFECT THE SSP EXEMPTION LIMIT.

FOR AUG 2012- BALANCE 5 LAKH EXEMPTION TAKEN AND SERVICE TAX WILL BE PAYABLE ON 1 LAKH * 12.36% =12360

Rahul Bansal (Finalist) (35929 Points)
Replied 19 October 2012

M/S PQR LTD. has a practice of raising invoice immediately on the date of completion of service. Therefore, for the services provided in the month of April, May and June the invoices were raised in the respective months. ON the basis of following data, advice M/S PQR LTD. as to due date of payment of tax and SERVICE tax payable thereon. Assume that M/S PQR LTD. cannot avail SSP exemption during the current year and tax rate as 12.36%.
ALSO CALCULATE SERVICE TAX IF M/S PQR LTD

. IS ELIGIBLE FOR SMALL SERVICE PROVIDER EXEMPTION.

ANS-

IF SSP EXEMPTION NOT AVAILABLE- FOR APRIL 2012- UPTO 5/6 MAY 12- 247200, FOR MAY 2012- UPTO 5/6 JUNE 12- 123600, FOR JUNE 2012- UPTO 5/6 JULY 12-370800, FOR JULY 2012- UPTO 5/6 AUG 12- 494400
IF SSP EXEMPTION AVAILABLE- FOR APRIL 2012- UPTO 5/6 MAY 12- 123600, FOR MAY 2012- UPTO 5/6 JUNE 12- 123600, FOR JUNE 2012- UPTO 5/6 JULY 12-370800, FOR JULY 2012- UPTO 5/6 AUG 12- 494400
STUDENTS PLEASE NOTE- THAT OPTION PAYMENT ON CASH BASIS UPTO 50 LAKH WILL NOT BE APPLICABLE IN THIS CASE... BECAUSE i.e applicable only in case of INDIVIDUAL AND PARTNERSHIP FIRM...
FURTHER,, FROM BUDGET 2012.... SMALL SERVICE PROVIDER EXEMPTION IS AVAILABLE ON THE BASIS OF INVOICES ISSUED.... HENCE WHERE COMPANY WAS ELIGIBLE FOR SSP EXEMPTION... IN THAT CASE IN APRIL 2012 10 LAKH TREATED AS EXEMPT.....