accounting entry of sale to franchaisee.
This query is : Resolved
05 April 2008
Respected sir,
i am having a query regarding the sale to franchaisee, the details are as follows.
Rs.
1. sale 100000
less: vat @ 4% / 104 4000
Net sales 96000
7% comm on net sale 6720
service tax on comm 831
reimbursement 80000
octroi 2000
total deduction 89551
net recievable 6449
(i.e. net sales -
total deductions)
further clarifing that the above amount we are recieving per month from franchaisee.
with the above information i want to know that
1. is it service tax is chargable on 7% commission & if it is yes than under what service head.
2. is i have to deduct tds on Rs. 80000/- monthly reimbursement.
i am having a query regarding the sale to franchaisee, the details are as follows.
Rs.
1. sale 100000
less: vat @ 4% / 104 4000
Net sales 96000
7% comm on net sale 6720
service tax on comm 831
reimbursement 80000
octroi 2000
total deduction 89551
net recievable 6449
(i.e. net sales -
total deductions)
further clarifing that the above amount we are recieving per month from franchaisee.
with the above information i want to know that
1. is it service tax is chargable on 7% commission & if it is yes than under what service head.
2. is i have to deduct tds on Rs. 80000/- monthly reimbursement.
08 April 2008
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