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how to calculate service tax in a company?

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(Querist)
05 November 2009 As far as I know service tax can be paid on Bills collected basis. But what if bill for professional fees has been raised?Then while calculating Fees we credit Service Tax payable also. Is it necessary to pay the whole amount of Service tax liability even if the fees has not been collected yet at year end?
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
05 November 2009 service tax on payment basis you can pay after receiving payment.
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Sonal Kulshreshtha

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Sonal Kulshreshtha (Querist)
05 November 2009 Thanks. Would there be any complication if service tax payable is shown in B/S?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
05 November 2009 Section 43B disallowance will not attract for the service tax payable amount shown in the balance sheet of the company.
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