sourav (articles) (37 Points)
28 December 2015Sir If i receive commission on IPO for which i can't issue any Invoice. then how can calculate service tax on it. is it inclusive or exclusive. for example if i receive commission of Rs 9553.74 and TDS on the same is 955.37. then what is the service tax Amount on it. is ti 1385.29, or 1209.86
Ravi Kumar Somani
(Indirect Taxes Specialization)
(3893 Points)
Replied 28 December 2015
In case you are not collecting service tax extra then you can calculate service tax on inclusive basis i.e. consideratin * 14/114. Further, ST needs to be calculated even on tds amount as it is also received towards service provided. Hope i'm clear.
Regards,
Ravi Kumar Somani
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
