Input credit of service of service tax
This query is : Resolved
12 April 2012
for F.Y. 2010-2011 service tax shown in the balance sheet is Rs. 85000/- on which input credit of Rs. 8000/- had not set off and shown in p&l a/c.
In F.Y. 2011-2012 when the payment of Service tax Rs. 77000/- is made after set off of input credit of Rs. 8000/- from Rs 85000/-.
Now How to treat input service tax of Rs. 8000/- in F.Y. 2011-2012
In F.Y. 2011-2012 when the payment of Service tax Rs. 77000/- is made after set off of input credit of Rs. 8000/- from Rs 85000/-.
Now How to treat input service tax of Rs. 8000/- in F.Y. 2011-2012
12 April 2012
I am not getting your query fully. If your have already set off the input service tax credit by paying service tax of Rs. 77000, then what is the query.
I understand that for accounting purpose, input credit must have been shown as Current Assets in Balance Sheet. Then now while paying servic tax following entry will be passed:
Service Tax Payable A/C Dr. 85000
Input Service tax receivable A/C Cr. 8000
Bank A/C Cr. 77000
I understand that for accounting purpose, input credit must have been shown as Current Assets in Balance Sheet. Then now while paying servic tax following entry will be passed:
Service Tax Payable A/C Dr. 85000
Input Service tax receivable A/C Cr. 8000
Bank A/C Cr. 77000
12 April 2012
Yes. I think the author is trying to ask for accounting entry only. Explained by expert.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- Form 121-contradictory opinions
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Capital gain from sale of house property
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Sale Incentive booking
- Negative ITC in Table 4(A)(5)
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
