whether service tax recoverd for providing service will form part of turnover in the income tax
14 Replies
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 31 August 2011
IF RECEIPT IS RECORDED INCLUSIVE OF SERVICE TAX IN THE BOOKS THAN YES.
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 31 August 2011
Service Tax should not be includ with turnover.
CS Bijoy
(Expert)
(6394 Points)
Replied 31 August 2011
Service tax recovered is liability to deposit in the department so it can not be part of turnover.
CA Parul Saxena
(CA)
(8488 Points)
Replied 31 August 2011
Service Tax never forms part of turnover. It is statutory liability.
Vikas Aggarwal
(CA )
(207 Points)
Replied 31 August 2011
turnover should be shown in accounts net of service tax
Example Sale 2000000(Inclusive of service tax 200000)
then in accounts the turnover should be shown 1800000(2000000-200000)
ok
SANYAM ARORA
(“It's hard to beat a person who never gives up.”)
(20173 Points)
Replied 31 August 2011
| Originally posted by : vikas aggarwal | ||
 |
turnover should be shown in accounts net of service tax Example Sale 2000000(Inclusive of service tax 200000) then in accounts the turnover should be shown 1800000(2000000-200000) ok |
 |
Agreed
Dheeraj
(Learner)
(1100 Points)
Replied 31 August 2011
Service tax is a liablity, recd from customer for payment to govt.
Therefore it do not amount to part of turnover i.e not included in turnover
Rajesh Rawat
(CA-IPCC/Article )
(53 Points)
Replied 31 August 2011
yes i favour and appreciated all of these answer.
ARUN KUMAR
(Financial Consultant )
(992 Points)
Replied 01 September 2011
SERVICE TAX & TURNOVER ARE DIFFRENTLY SHOWN FOR GETTING SERVICE TAX CREDIT.
AMIT KUMAR GUPTA
(SERVICE)
(30 Points)
Replied 02 September 2011
Following entry is passed for booking:
Party A/c Dr.
To Income from services(e.g. Brokerage) A/c
To Service tax payable A/c
Hence Service tax is not included in turnover.
Ek dum sahi Jawab.
AMIT
saminathan.s
(Student)
(29 Points)
Replied 04 September 2011
If Service Tax is never a part of turnover/income then why should TDS be deducted on amount which is inclusive of service tax except for rent????
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 15 September 2011
in that case there will be difference in the income shown in 26 as in which income is inclusive of service tax and income shown in income tax return ( which is exclusive of service tax)
but excise duty is part of turnover as defined in the turnover for the limit )0f 60 lakhs
Recent Topics
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
- NAME CHANGE OF HUF
- Advisory for Reporting TDS Deducted by scrap Deale
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
Related Threads
CAclubindia
