Gross receipts 18.67 lk for a.y 2010-11 not file it returns?
Querist : Anonymous
ONE NEW MY CLIENT AS A MARKER IN SOME INDUSTRY. HE PROVIDE BYERS TO EXPORT THE PRODUCTS. HE IS TAKEN SOME PERCENTAGE ON EXPORT SOLD.
HE IS EARNING HUGE COMMISSION FOR MONTH COMMISSION 1.5 LAKHS AND ABOVE.
26 AS CREDITED TDS1.88/-LAKHS GROSS RECEIPTS 18.67 LAKHS FOR THE YEAR 2009-10 F Y.
TO DAY TAKE & COME WITH 16 A.
I WILL BE FILING TODAY IT RETURNS U/S 44 AB
WHICH PROBLEM FACE & ANY PENALTY, IS IT POSSIBLE GET TO REFUND.
E FILLING ACCEPTED BELATED RETURN U/S 44AB.
HIS 2010-11 AY INCOME 27.95 LAKHS, TDS 2.41 LAKHS.
TODAY WE ARE RECEIVED SERVICE TAX NOTICE NON PAYMENT OF S. TAX.
WE WILL BE READY FOR PAYING SERVICE TAX. 10.3% ON GROSS INCOME.
HOW TO FACE IT DEPARTMENT PROBLEMS.
Section 44AB is the section having provisions for requirement of tax audit.
Any way, you can file the return for AY 2010-11 right now, by claiming the relevant expenditures including the liability for service tax also.
Even if you have not charged service tax you have a potential liability of ST.
Which can be ascertained from the gross receipts (GR) as if such GR IS INCLUSIVE OF SERVICE TAX.
Department's matter can be solved by only meeting the STO and by paying the Total ST liability.
Querist : Anonymous
RECEIVED COMMISSION U/S 194 H
SERVICE TAX NOT PAID BUT LIABILITY NOTICE RECEIVED FROM SERVICE TAX OFFICE.
WE ARE NOT COLLECTED SERVICE TAX FROM SERVICE RECIPIENT.
WE CAN WRITE OUR BOOKS OF ACCOUNTS ST LIABILITY IN BALANCE SHEET LIABILITIES SIDE OR PROVISIONS FOR TAX AND ASSET SIDE RECEIVED S. TAX FROM SERVICE RECIPIENT.
IN CASE THE RECIPIENT NOT ACCEPTED TO GIVE LIABILITY TAX THAT AMOUNT INCLUDING S TAX, THAT SUTIVATION WE ARE IN ONLY LIABILITY. NOT RECEIVABLE.
WE ARE FILING UNDER HEAD BUSINESS INCOME.
If you not filed the return for the A.Y 2010-11, the same can be filed now and this can be done online. The TDS can be claimed against your Tax Liability. If excess tax has been paid the same shall be refunded.
SERVICE TAX
Is you services liable for service tax? If yes then have you got yourself registered under S.Tax Act. If not then do it and pay the due taxes. The department will ask for the tax + interest. The calculation shall be gross receipt divided by 110.3 multiplied by 10.3. You can contact me on ssunderagarwal@gmail.com
IN CASE THE RECIPIENT NOT ACCEPTED TO GIVE LIABILITY TAX THAT AMOUNT INCLUDING S TAX, THAT SUTIVATION WE ARE IN ONLY LIABILITY. NOT RECEIVABLE.
REPLY-
Assuming that now the recipient will not accept the liability for service tax.
Pl follow the expert advise of CA S S Agarwal and make provision out of the gross receipts. In that way your Gross receipts will reduce by the ST Amount.
However for late payment interest and penalty you can debit your P&L A/c on payment basis.
Querist : Anonymous
thank you
excellent solution.
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