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Accounting of service tax on receipt basis

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2012 I HAVE QUERY ABOUT SERVICE TAX ACCOUNTING IN TALLY 9ERP.FOR AN ARCHITECT FIRM SERVICE TAX PAYABLE IS ON RECEIPT BASIS.
FOR EG.
ARCHITECT PROVIDES A SERVICE TO THE CLIENT SAY FOR Rs. 10,000/- & SERVICE TAX @ 12.36%.
CLIENT PAY FEES Rs. 4950/- AFTER DEDUCTING TDS @ 10%. SO HOW MUCH SERVICE TAX IS PAYABLE TO ARCHITECT FIRM & WHAT ARE THE ENTRIES OF THIS TRANSACTION IN TALLY IN THE BOOKS OF ARCHITECT FIRM.
PLEASE REPLY ITS URGENT...
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 June 2012 The amount received shall first be adjusted against "service tax" The rest i.e.(4950+TDS)-1236 shall be adjusted against 10,000
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2012 THANKS FOR THE REPLY BUT CAN U PLS ELABORATE THE ENTRIES THAT HOW TO PASS THE ENTRIES..
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 June 2012 Yes Dear. See once you say you are on receipt basis... follow the same system in tally as well.So no entry for receivables or payables.
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