RAHUL
Service
[ Scorecard : 97]
|
Posted On 30 July 2012 at 16:28
|
Hi every one,
From 01-07.2012 , the is notification of service tax on reverse chagrge mechanism , in the said notification whateever service tax liablity of legal advocates ,in case of vechile hire chagres and in case of works contract tax,the service tax has to be borne by the company.In this case whether we should deduct the TDS on full amount including service tax or only on amount excluding service tax.
E.g
Legal Bill 100.00
Add Service tax @ 12.36 % 12.36
Total Expenses Booked 112.36
TDS should be deduted on 112.36 or 100 ?
Please clarify
|
|
|
neeraj
CA
[ Scorecard : 930]
|
Posted On 30 July 2012 at 16:38
|
Tds should be deducted on 112.36 however u/s 194-I i.e. in case of rent Tds has to be deducted on net amt. i.e. exclusive of service tax
|
|
|
|
CA AYUSH AGRAWAL
PBN-KOL-PUNE-CHENNAI ("A PHILOSOPHER")
[ Scorecard : 24130]
|
Posted On 30 July 2012 at 16:39
|
TDS to be Deducted on Full Amount i.e. 112.36/- Including Service Tax.
Only U/s 194I Rent, No Need to Deduct TDS on Service Tax Portion.since There is One Notification for This Special Issue.
|
|
|
Anand murthy
Finance & Tax Manager
[ Scorecard : 102]
|
Posted On 30 July 2012 at 17:26
|
HI..
The TDS is to be deducted on full invoice amount. For this the following entry can be done.
|
Particular |
Dr |
Cr |
|
Expenses |
112.36 |
|
|
S.Crs |
|
88.76 |
|
S.Tax |
|
12.36 |
|
TDS @ 10% |
|
11.24 |
|
Total
|
112.36 |
112.36 |
Regards
Anand.
|
|
|
DHARMENDRA SHARMA
Senior staff
[ Scorecard : 241]
|
Posted On 30 July 2012 at 18:59
|
CBDT had issued a circular vide circular No.04/2008 dated 28/04/2008.As per that circular,a person paying amount to a person for rent will not deduct tax on service tax.But if the payment is for professional or technical fees,the TDS is deducted on the amount includible service tax.
Total thanks : 1 times
|
|
|
Ravi Shankar Dubey
zindagi ek sangharsh
[ Scorecard : 99]
|
Posted On 31 July 2012 at 11:11
|
TDS DEDUCTED ON FULL INVOICE AMOUNT RS. 112.36
|
|
|
V.D.KRISHNA PRASAD
CA-Final
[ Scorecard : 173]
|
Posted On 31 July 2012 at 13:59
|
I agree with Ayush Agarwal
|
|
|
Sivaram.B
student
[ Scorecard : 37]
|
Posted On 31 July 2012 at 14:21
|
|
|
|
Shubham Agarwal
Article Assistant
[ Scorecard : 118]
|
Posted On 31 July 2012 at 15:14
|
TDS Should be deducted on Full amount i.e. Bill + Service Tax @ 12.36%, except only in one Case i.e On Rent, in Case of Rent TDS Should be Deducted on Bill exclusive of Service Tax.
|
|
|
Jignesh
Parnter
[ Scorecard : 21]
|
Posted On 31 July 2012 at 20:48
|
Tax should be deducted on Rs 100 only. Only if service tax is billed by service provider in the bill, tds should be deducted on service tax.
|
|
|
