Accounts, income tax & others

This query is : Resolved

Smith (Querist)
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14 April 2013 I have recently started a partnership business last year with my mother. My nature of business is consulting services. I have some queries as below. Please help me.

1) I have paid the service tax which i collected from the clients. But how should be it shown in accounts. Do I have to debit service tax paid in P & L a/c. Will I get deduction for the same.

2) My total receipts for the FY 12-13 is around 30 lacs. So I believe there is no tax audit required. But can someone please provide a specific format for preparing a P & L a/c & Balance Sheet.

3) As of now there are no employees as partners themselves are providing the consultancy service. There is a remuneration clause in deed to be paid in ratio of 80.20. So should we actually show remuneration paid through firms bank account & what would be the accounting treatment for the same.

4) Also if remuneration is paid to partners the firm is required to pay prof.tax. However do i have to register for the Prof.tax certificate. Also when I saw the mahavat site for registeration there are two options PTEC & PTRC option so which one should i select. And what is due date or last date for payment of partners prof tax for FY 12-13.

Thanks.

Smith

Smith (Querist)
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19 April 2013 Please can some one respond to the query urgently

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