Secured loan against material given by contractor against ti

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2015 Sir, I have query regarding secured Loan against Material given by Contractor to Contractee for Material Purchase. If secured loan we treat like loan under Work Contract so sir our Service Tax liability also create on this amount and TDS also deducted by Contractor Company. But my query is not clear how to treat the Secured Loan and which Tax compliances applicable on Secured Loan. Some expert says that Service tax is not applicable on Secured Loan and But TDS deducted by Contractor for their own safety purpose. Some Points are.

1. Please guide me if Service Tax is not applicable on Secured Loan then how to Show this loan in Account Books. Please tell the Accounting Treartment also.
2. If Contractor Deduct TDS on Secured Loan how can we hide Service Tax on That Loan.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2015 Sir, I have query. Sir If we have paid excess Service Tax in previous month but in Following month we have delayed in payment of Service Tax. Then we are liable to Pay Service Tax + Interest also. Sir My point is can we adjust Interest Amount in previous Excess Service Tax Amount for Interest payment. or if Interest paid separately with Challan.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2015 Can we adjust in previous Excess Service Tax Amount.