hi there.....

we are a limited co and we are register as a Input Service Distributor.

we are receiving the service from our director for which we are paying remuneration to our director under the head of Director Sitting fees and Commission on sales.for which under reverse charge we are paying service tax.

My query is, can we avail the service tax Credit for this services.

please provide the notification for reference purposes.

Thanking you.....

MrX purchased 1000, 6% Government Bonds of Rs 100 each on 31st January,2009 at Rs95 each.Interest is payable on 30th June and 31st December.The price quoted is cum interest.Journalise the transaction.
Purchase Cum interest
Cum-int price=1000 Bonds XRs 95=Rs95,000
Interest =1000BondsXRs100 X6%X1/12=Rs500
Ex-Interest Price=Rs95,000-Rs500=Rs94,500
Investment A/c Dr 94,500 (Ex-int)
Interest A/c Dr 500 (Int)
To Bank A/c 95,000 (Cum-Int)

In the above context:
Q1)While calculating Interest why 1 month is taken ?Investment is purchased on 31st January ,so in
No of Days interest should be calculated?

I will be very much thankful to you.

a firm is receiving the two services and is liable to make payment under partial reverse charges-
1- works contract service- S.tax Rs.30000 in month of may 2013
2- manpower service- S.tax Rs.40000 in month of may 2013
Problem- said firm has deposited the all service tax on the works contract head amount rs 70000

now what are remedy for above problem ?
1- Can firm take refund of excess amount of rs 40000 from works contract after depositing s.t. in manpower, what is refund process ?
2- can firm adjust such payment in future months what process ?
3- can firm set off the s.t payment of june 2013 what process ?


avneesh.bibhu@gmail.com

One of my clients property will undergo Redevelopment...now all members are agreed to shift to another place for the time being...meantime builder will give each of them some amt as corpus as well as agreed sum as an rental. In agreement both of (corpus and rental ) written as "Hardship Allowance", that both the amts are exempt?

amount payable=10000 service tax=1236 my doubt is that on what amount tax is to be deducted? on 10000 or 11236 or 8764?

Hi,

Please provide steps required for filling casual vacancy caused by resignation of auditor as per Companies Act 1956, also confirm if EGM is required alongwith Special Resolution or not

Thanks

In which section is interest on housing loan allowed as a deduction...? and wat is the limit.?

a firm is receiving the two services and is liable to make payment under partial reverse charges-
1- works contract service- S.tax Rs.30000 in month of may 2013
2- manpower service- S.tax Rs.40000 in month of may 2013
Problem- said firm has deposited the all service tax on the works contract head amount rs 70000

now what are remedy for above problem ?
1- Can firm take refund of excess amount of rs 40000 from works contract after depositing s.t. in manpower, what is refund process ?
2- can firm adjust such payment in future months what process ?
3- can firm set off the s.t payment of june 2013 what process ?


avneesh.bibhu@gmail.com

One person has Shares not listed in Stock Exchange in India....How person can Sell this Shares not listed in any Stock Exchange. How to decide Sell Price of Shares in this case. What will be the tax consequences if the gain on sale of shares is going to be Long Term.

Dear Expert,
I am an a dealer who purchases Packed TALLY ERP 9 Softwares from a Tally authorised distributer and sells it to retail clients/customers by providing customization and annual subscription services.When I purchase software from my distributer he loads 5 % VAT on the bill and accordingly he issues the Invoice. Until now Tally used to provide/sell the products to small sub dealers which do not have Service Tax registration numbers,however recently Tally made it mandatory for the sub-dealers to get registered for Service Tax.
I had formed my Proprietor Business from June 2009 and since then my turnover has not crossed Rs5-8 lacs. However this year ie FY 2013-2014 it is expected to breach Rs 10 lacs.
How should I deal with the billing part.
1) Should I go for VAT registration and charge VAT to my customers along with Service tax of 12 %?

This year I registered for Service Tax on 01-02-2013 and accordingly I filed a ST3 Return for the Period October - March 2013 even though my turnover did not cross the limit in the last FY ie 2012-2013.
But I had loaded Srvice Tax on all my bills from the date of Registration of Service Tax.
Was it ok if I had not filed the return and claimed an exemption limit for Rs 10 Lacs as it was not crossing Rs 10 Lacs.

2)Should I charge VAT only or Service Tax only for sell of Tally Licences or should I levy both the taxes from the ultimate consumer?

3)In case of rendering services for providing Annual maintenance Contract or for Renewing subscriptions on annual basis, should I load service tax on the bill or I should not charge any tax on the same?
Will that amount to me paying the ultimate liablity of Service tax in my half yearly return of income?

4) I claimed an input credit of Service tax on purchases from Authorized Tally partners. Can I also claim VAT credit because I am making purchases and thereby paying VAT however I am not taking any input credit on VAT for my output services.

Please give me some clarity on this issue.

Please suggest me an appropriate course of action for my business.

Thanking you