One bill of fy 2014-15
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 March 2016
One bill of financial Year 2014-15 ( For January 2015) yet not booked but i want to book this expenses . what will be its implication
security service charge 50000.00
Service tax 6180.00
Total 56180
Now how to make entry , whether i have to service tax input can be booked as expenses because more than one year cenvat credit will be not allowed , please reply this question & what will be tax effect on service tax and income tax.
security service charge 50000.00
Service tax 6180.00
Total 56180
Now how to make entry , whether i have to service tax input can be booked as expenses because more than one year cenvat credit will be not allowed , please reply this question & what will be tax effect on service tax and income tax.
PRADEEP KUMAR VATS
(Expert)
22 March 2016
Service tax implication :
No Credit will be available
income tax implication :
Due to not booking of invoice, TDS liability with interest under section 201 will arise.
So entry for both the above will be
Security service charges ac dr (Bill + Service tax amount)
Interest on TDS ac dr ( Interest on TDS amount)
To Party ac (Balance figure)
To TDS payable (TDS with interest)
Regards
Pradeep Kumar
No Credit will be available
income tax implication :
Due to not booking of invoice, TDS liability with interest under section 201 will arise.
So entry for both the above will be
Security service charges ac dr (Bill + Service tax amount)
Interest on TDS ac dr ( Interest on TDS amount)
To Party ac (Balance figure)
To TDS payable (TDS with interest)
Regards
Pradeep Kumar
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