suraj singh chauhan (Accountant) (124 Points)
22 February 2013SUPPOSE WE BOOK A FAKE INVOICE IN THE BOOKS TO RAISE THE SALE IN THE BOOKS.
THE DETAIL OF BILL IS FOLLOWS :
BILL AMOUNT --------------------------RS.20,00,000.00
S.TAX ON THAT------------------------RS.2,47,200.00
TOTAL ------------------------------------RS.22,47,200.00
THE PARTY NOW PAID THE AMOUNT BY CHEQUE RS.20,22,480.00 BY CHEQUE AFTER DEDUCTING TDS OF RS. 2,24,720.00
NOW PLS TELL ME WHAT AMOUNT OF CASH WE SHOULD PAY TO PARTY.
Vaibhav Kumar Agrawal
(Service)
(168 Points)
Replied 22 February 2013
22,47,200 plus his commission...
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 22 February 2013
| Originally posted by : Vaibhav Kumar Agrawal | ||
 |
22,47,200 plus his commission... |
 |
suraj singh chauhan
(Accountant)
(124 Points)
Replied 22 February 2013
THERE IS NO COMMSION THE PARTY ALSO WANT TO BOOK THE EXP TO DECREASE HIS TAX LIABILITY
pratik agarwal
(CA Final)
(62 Points)
Replied 22 February 2013
The cash that you have to pay is Rs. 20,00,000/- (you recieved 2247200 in bank & TDS. since the party will book cenvat credit of the service tax you deducted hence actual cash paid will be 20 lakh)
Vaibhav Kumar Agrawal
(Service)
(168 Points)
Replied 22 February 2013
if no commission then 2247200, provided the party cannot take the cenvet (i.e the party is neither a manufacturer nor a service provider.)
pranit
(na)
(66 Points)
Replied 22 February 2013
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 23 February 2013
TDS:-
It will be allowed to you in Income Tax Return.
Hence does not have any negative Impact.
Sales Tax:-
You have to pay the same to Govt. and not able to get it back.
Hence it has negative impact
Therefore amount actually payable to party
Invoice Amount - 2,247,200/-
Less:- Sales Tax - 247,200/- (Not able to recovery in any form)
Net amount payable- 2,000,000/-
assuming u have no Tax Liability on your profit.
Otherwise Tax Liability of Your also consider while calculating the amount to be paid in cash
Parthamesh P Askar
(article)
(53 Points)
Replied 23 February 2013
As it is fake invoice and just book entry, I think that there is no need to pay any cash
suraj singh chauhan
(Accountant)
(124 Points)
Replied 23 February 2013
DUDE AS MENTION IN THE QUESTION OHTER PERSON WILL PAY BY CHEQUE AFTER DEDUCTING TDS
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 23 February 2013
20,000 only you have to pay,
RULE 6DD,...
CA MANISH AGRAWAL
(Practice)
(539 Points)
Replied 23 February 2013
the full amount plus commission if any.
CAclubindia
