Varun.T.K
(CA Final, CS Executive)
(365 Points)
Replied 18 March 2010
The total of the two amounting to Rs.134/- may be booked under the head Bank Charges.
Divya
(CA)
(100 Points)
Replied 19 March 2010
Ya u can book both the amount under the head "BANK CHARGES"
CA Shiv
(Business Controller)
(2987 Points)
Replied 19 March 2010
YEs... agreee with divya.... And my friend entry is .....
Bank charges Dr. 134
To Bank account
Gagan deep Goyal
(Senior)
(21 Points)
Replied 19 March 2010
According to me, if u can take service tax credit, the entry will be
Bank Account Dr 120.00
Service Tax Input Dr 14.00
To Bank 134.00
sumit
(Industrial Trainee at EY)
(366 Points)
Replied 19 March 2010
u cannot take the service tax input in such case
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 19 March 2010
Service Tax levied on this bank charges ? can any one explain this is it service tax or some service charges
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27191 Points)
Replied 19 March 2010
| Originally posted by : sivaram | ||
 |
Service Tax levied on this bank charges ? can any one explain this is it service tax or some service charges |
 |
Service Tax is Charged by Bank....as Bank Services are also covered under service tax act
Poornima Srinivasan
(Junior trainee)
(330 Points)
Replied 19 March 2010
U can account it as bank charges....
Anshika
( CA -Industry- Sr.Accounts Officier)
(141 Points)
Replied 19 March 2010
See there are two ways depending on the accounting of the firm
1- Take the full amt in abnk charges and pass entry
Bank / Finance charges Dr
To Bank A/c
2- In case , if the firm is registered under service tax and taking the credit of service tax in normal course then
Bank / Finance charges Dr
Service tax input a/c Dr
To bank a/c
Desperado
(Cost And Management Accountant)
(129 Points)
Replied 19 March 2010
comprehensive Reply.
Agreed.
| Originally posted by : Anshika | ||
|
|
See there are two ways depending on the accounting of the firm 1- Take the full amt in abnk charges and pass entry Bank / Finance charges Dr To Bank A/c 2- In case , if the firm is registered under service tax and taking the credit of service tax in normal course then Bank / Finance charges Dr Service tax input a/c Dr To bank a/c |
|
UMAKANTH
(Student)
(64 Points)
Replied 19 March 2010
You can claim service tax credit only if the service has been utilised in relation to manufacture.
In this can the entire amount to be debited to Bank charges a/c
VIPUL BHANDARI
(CA FINAL STUDENT)
(243 Points)
Replied 19 March 2010
If u are registered under Service Tax then, Service Tax input can be claim, if not, then total amount has to be book under bank charges
Bank Charges A/c. Dr. .................134.00
To Bamk A/c. 134.00
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
