Accounting treatment of service tax on rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2014
Our client has take godown on rent, on which service tax also has been collected by landlord.
My question is what would be the treatment of service tax portion in books.
1) whether to show as service tax on rent in profit and loss account
2) or to include it in rent. if i include the service tax in rent, whether tds deduct on service tax portion also or on only rent portion.
My question is what would be the treatment of service tax portion in books.
1) whether to show as service tax on rent in profit and loss account
2) or to include it in rent. if i include the service tax in rent, whether tds deduct on service tax portion also or on only rent portion.
06 August 2014
Show it as Service Tax in Profit & Loss Account if you are not taking input credit.
TDS should be deducted on Rent amount excluding Service Tax.
TDS should be deducted on Rent amount excluding Service Tax.
06 August 2014
you cannot take the credit of service tax and you can deduct the tax on w/o service tax amount it is already notification issue by the deptt. u/s 194I
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