In form 16,how is repayment of housing loan to be disclosed in deductions from GTI?. Should interest part of the loan also be taken as a deduction under chapter VI A?

Sir,
Is interest or penalty on account of late payment or late filing of return of any statutory payments like Excise, PT, Service Tax, Income Tax, FBT, VAT, ESI, EPF, TDS.... an allowed expenditure for Income Tax purpose?

Pls clarify...

Regards,
Girish

As we know service tax is paid only when consideration for service is received. if no consideration is received no service tax liability arises.

At the time of billing we credit service tax account and provide service tax liability in the books of account whereas there is no service tax liability arises at the time of billing.

Please suggest proper accouting treatment of service tax so that liability can be created in the books of account only when it actually arises.

Sir,
Pls correct me if I am wrong,
1.Service tax is excempted upto 10 lakhs of taxable services but can't avail CENVAT credit.
2.Any time during the year if taxble services exceeds ten lakhs, service tax is applicable on the balance exceeding 10 lakhs.

Thanks & Regards,
Girish

Transporter have not charged Service tax in Bill for exemption and issued consignment note then our liability to pay service tax on this. Can we take Cenvat on Service tax paid for carriage Inwards in same month when we deposit to Bank?

If transporter has not issued consignment note and they have no service tax reg. no.then also will we have to pay service tax for this?

370 1B (v) if one or more directors of the one body corporate while holding, whether by themselves or together with their relatives, the majority of shares in that body corporate also hold, whether by themselves or together with their relatives, the majority of shares in the other body corporate

if the directors holding shares in a co and tht company is a share holder in a body corproate it will b applicable or not?

Pl comment. Its urgent

Dear sir

can we pay the tds by using old form no 281 available on the CBDT site for the assessment year 2009-2010 as the new form is not yet avaible. Pls suggest.

regards

Tarun Jain

sir i wanna ask about provision for exp on 31 mar

We are into a hotel industry. We have to pay charges for advertisement on foreign website. Now since the website is run in country other than India, Will it be termed as Services Used in India based on the fact that payment is to be made by establishment in India ??

If it will be covered under Import of Services under which provision it will be taxable ??

Also, the advertisement period is before 24th Feb 09, which rate of tax will be appliable in this case ??

If we have paid any service tax on behalf of non-resident as Import of Service, Can we take the Input Credit of the same ??
Also, can we adjust such credit against other can be adjusted against payment of other services ??

What entries to be made into books. Please explain with example...