Recognition of service tax collected as income
This query is : Resolved
07 May 2012
Recognition of service tax collected from clients as income in the financial statements is in accordance with accounting standards?
CA Nikhil Jhanwar
(Expert)
07 May 2012
No service tax is no your income and even then how you can recognise it as income since you have to pay the same to government. You have to record service tax in a separate account.
08 May 2012
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