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SERVICE TAX

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(Querist)
02 August 2010 I AM WORKING IN A FIRM. RECENTLY WE DEPOSITED THE SERVICE TAX FOR THE F.Y. 2006-07, 2007-08 & 2008-09. I WANT TO KNOW WHAT IS THE ACCOUNTING TREATMENT OF AMOUNT OF SERVICE TAX DEPOSITED BY US AS THERE IS NO PAYABLE SERVICE TAX EXIST IN BALANCE SHEET AS ON 01.04.2009.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
02 August 2010 My under standing you are not created the ST liability for the past period how ever the same is created now. if you are colleceting the same from your client you debit them and credit the liability and make entry agnsit the same, other wise you need to debit service tax paid and charge it off in p&l a/c
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