TDS amount as deducted by party will be deposited to the credit of government i.s Rs. 2,24,720/-. And the party paid by cheque of Rs. 20,22,480/-. So total outflow from party's hand is Rs. 2,24,720/- + Rs. 20,22,480/- = Rs. 22,47,200/-. So this amount is to be paid by CASH to the party i.s the bill amount.
Lets check our knowledge
Page no : 2
sonu
(CA Practice )
(205 Points)
Replied 24 February 2013
Assming RCM NA
If service reciever can claim input cr. on ST then 2022480+224720 (TDS amt) - 247200 (ST credit claimed by purchased) = 20,00,000 + comm for fake bill if any.= pay cash to SR
Note: TDS is of SP which is paid by SR hence need to reimburse it thereby added
IF SR can't claim ST credit then = aboove amt i.e. 20lacs + ST amount i.e. total 22.472 lacs
sonu
(CA Practice )
(205 Points)
Replied 24 February 2013
| Originally posted by : suraj singh chauhan | ||
 |
THERE IS NO COMMSION THE PARTY ALSO WANT TO BOOK THE EXP TO DECREASE HIS TAX LIABILITY |
 |
If this also need to be taken then
Decrease to cash payment about of income tax on 2247200 (if can't clai m credit on of Service tax) or 20lacs (if can claim ST credit)
Also I think its Service right, not goods
sonu
(CA Practice )
(205 Points)
Replied 24 February 2013
| Originally posted by : suraj singh chauhan | ||
|
|
THERE IS NO COMMSION THE PARTY ALSO WANT TO BOOK THE EXP TO DECREASE HIS TAX LIABILITY |
|
If this also need to be taken then
Decrease to cash payment about of income tax on 2247200 (if can't clai m credit on of Service tax) or 20lacs (if can claim ST credit)
Also I think its Service right, not goods
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