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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Banking Related Issue
- Traces submitting correction statement error
- Difff in ais receipts and gst turnover
- ASMT-10 received from A O
- IT returns for fresh job holders
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
