Adjustment of tax paid on amount not received
This query is : Resolved
20 June 2011
Sir,
With the coming into force of Point of Taxatation Rules, tax liability crystalises on the issuance of the Bill. As such what would be the treatment in the Maintenance and Repair Service Category wherein :
the service provider issues bill at the begining of every month for the monthly service charges for the previous month. The liability arises as soon as the bill is issued. Even if the flat owners does not make payments for months as per the Point of Taxation Rules the Service provider have to pay the tax on the billed amount.
Now my question is, whether the service provider can adujst this amount of tax paid by him on the billed amount against which payment has not received by him, against his tax liability in the subsequent month?.
regards
With the coming into force of Point of Taxatation Rules, tax liability crystalises on the issuance of the Bill. As such what would be the treatment in the Maintenance and Repair Service Category wherein :
the service provider issues bill at the begining of every month for the monthly service charges for the previous month. The liability arises as soon as the bill is issued. Even if the flat owners does not make payments for months as per the Point of Taxation Rules the Service provider have to pay the tax on the billed amount.
Now my question is, whether the service provider can adujst this amount of tax paid by him on the billed amount against which payment has not received by him, against his tax liability in the subsequent month?.
regards
20 June 2011
in half yearly returns, he is set free to adjust the amounts against which debit notes are issued, ( non payment)/ suplimentary credit note from servide provider.
after filing return, he is also eligible to revise the return upto 3 months effecting the debit notes issued by payee ( credit note in case of service provider)
after filing return, he is also eligible to revise the return upto 3 months effecting the debit notes issued by payee ( credit note in case of service provider)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- REGARDING ITR FILING QUESTION
- GST ISD Query on various AMCs
- ITR 44AD SECTION
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Sale of Mutual Funds In Diffirent Financial Years
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
