HOW SERVICE TAX IS CALCULTED ON CONSOLIDATED RECEIPTS????
SERVICE TAX ON CONSOLIDATED RECEIPTS??????????
CA SUDHIR HALAKHANDI (PRACTICING CHARTERED ACCOUNTANT) (13196 Points)
11 January 2009
CA SUDHIR HALAKHANDI (PRACTICING CHARTERED ACCOUNTANT) (13196 Points)
11 January 2009HOW SERVICE TAX IS CALCULTED ON CONSOLIDATED RECEIPTS????
OFFICESELVA
(Service)
(515 Points)
Replied 11 January 2009
The amount should be treated as CUM-TAX and taxable value should be arrived. The taxable value and tax amount should be equal to the amount received.
Pratik K
(Student)
(3406 Points)
Replied 13 January 2009
can anyone explain in depth it as I am still confused abt the same.
Rajesh Kumar
(Advocate- Tax)
(7806 Points)
Replied 14 January 2009
The ampunt received is cum tax amount.
Say you received 100 Rs. It includes 12.36% service tax. The value of service is "V".
Therefore,
V plus 12.36% of V is equal to 100. Solve for V.
100-V is the service tax payable.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
