Service tax liability
This query is : Resolved
06 July 2015
Dear Sirs,
I received INR 2 lacs from a client on 23rd March, 2015. I recorded the same in books as Loans & Advances. Now I want to book the same as Income. When am I liable to pay service tax on same? If i book it as income on 15th April, will I be liable to tax for Quarter 1?
I received INR 2 lacs from a client on 23rd March, 2015. I recorded the same in books as Loans & Advances. Now I want to book the same as Income. When am I liable to pay service tax on same? If i book it as income on 15th April, will I be liable to tax for Quarter 1?
06 July 2015
As per point of taxation Rules, the date of receipt of advance payment is the point of taxation. You are liable for payment of service tax on 31st March 2015.
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