Professional Fees Receipt Payment base account
This query is : Resolved
12 August 2010
I maintain my account on receipt & payment base, so i account only when my services due received from client. In this case I liable to pay service tax as and when payment received to me from party or when i issue professional fees invoice to party ?
If i have received less amount from party, than, Can Iadjust against my payable service tax ?
If i have received less amount from party, than, Can Iadjust against my payable service tax ?
12 August 2010
Service tax need to pay on receipt basis only. if you received less, make a credit note and can be adjusted in Service tax also
13 August 2010
Agreed.. The liability of service tax is ascertained on the basis of actual receipts only & not on the basis of bill raised.
Further, if at anytime, service tax is being paid on receipt basis, & lateron it is noticed that you have received any excess amount from a client & you need to refund that, in that case you can adjust the service tax paid on such excess payment in your service tax payable amount.
Further, if at anytime, service tax is being paid on receipt basis, & lateron it is noticed that you have received any excess amount from a client & you need to refund that, in that case you can adjust the service tax paid on such excess payment in your service tax payable amount.
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
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
