how to calculate service tax in a company?
This query is : Resolved
Sonal Kulshreshtha
(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?
Ram Avtar Singh
(Expert)
05 November 2009
service tax on payment basis you can pay after receiving payment.
Sonal Kulshreshtha
(Querist)
05 November 2009
Thanks. Would there be any complication if service tax payable is shown in B/S?
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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