1.commission received by a bank (Both own commission & commission of other Bank)on Bills/cheques for collection are credited to Profit & loss account
2. The bank pays a part of the commission to other banks which is involved in the collection of such instrument and such commission paid(Commission ceeded) are debited to Profit & loss account.
3. The Bank for the purpose of payment of service tax had netted the commission received & paid and the net amount only offered for service tax.
4.Now the audit party of the Central Excise Dept. has asked the Bank to pay tax on the entire commission credited to Profit & loss account with out considering the commission ceeded to other Banks.
5. is the contention of the Department correct.
5. Can any body give any citation on the netting of commission for service tax payment.
6.The commission received credited to P&L account also includes reimbursement of commission to other Banks and therefor the entire credit is not the income of the Bank

Hi, If Company send employee to out of India for 3 or 6 months & paying salary in india (with Convyqance allowance). he can get the convyance allowance exempt u/s 10 (14)for that period ?

Dear All ,
My Company Is Received Service Tax Notice from the Department . Regarding Non Complience for non submission of Return . But now My company is submitted all the requried return . i want to submit reply letter to the company . please give me formate to reply

SIR,

I HAVE PAID SERVICE TAX IN WHITE CHALLAN IN PLACE OF YELLOW CHALLAN IN JAN. 09. NOW, WHAT TO DO FOR CORRECTION? OR IT WILL BE CREAT PROBLEM AT TIME OF FILLING OF RETURN.


THANKS & RGARDS
SHAILESH

A dealer has charged vat on freight chrgs included in the bill? Does the vat permits to levy on freight amount.

DEAR SIR,

ANY ONE HAVING INDEMNITY BOND FOR CLAIM OF INCOME TAX REFUND

PLE.SEND MY EMAIL ID SARANAKS@GMAIL.COM

Applicablity of TDS towards Payment made towards Professional fees to foreign consultant

as per 6dd exceptions it seems that payment of more than 20000 on account of bank holiday or strike is allowed.

if i make payment of Rs. 70000/- on sunday will it be allowed as business expenditure?

what is modvat?
when we are taken modvat credit ?

AS I HAVE SEEN IN ONE OF THE THREAD THAT CALCUTTA HC HAS GIVEN THE VERDICT IN FAVOUR OF THE STUDENTS THAT THEY CAN ASK FOR THEIR RESPECTIVE AUTHORITY WHO TAKEN THEIR EXAM TO ALLOW THEM TO SEE THE ANSWER-SHEET.

NOW IS THERE ANY SUPREME COURT DECISION?

IS THE SAME IS BINDING ON ICAI?

ANY EXPERT OPINION IS WELCOMED.