whether service tax of previous years can be claimed as deduction in current year?as service tax registration done in current year and servicetax of previous two years paid along with,if deduction not possible then under which section its disallowed?
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Income tax deduction
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Service tax is not an expense its a liability. Assessee received s.tax on behalf of GOVT. And paid to Govt. So there is no question of deduction allowed.
please can you tell the accounting treatment of same with journal entry?
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