service tax on advance payment received

This query is : Resolved

amit surana (Querist)
Follow

13 January 2009 Dear Sir,

We are a partnership firm providing BSS services.

We received on account advance payments from the party to whom we provided services and on whom we raised the bills

the amount received as adv ,we used in the business as follows
1.Payment of security deposits
2.purchase of assets.
3.and rest we used for business.

How we can save the interest on this advance payment received.

Please tel the accounting entries and how we show it in our books.

What shoub be our explanation on this in case of service tax query.

Dayal

Dayal (Expert)
Follow

19 April 2009 How you account for is not relevant to the provisions of payment of service tax

Advance is subject to service tax.

Interest will be applicable from the due date till the date of payment

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASHOK B GONDKAR

rana andcompany

Raj Jaggi

SHRI HARIRAO

Raviraj ponkshe

Subscribe Now

service tax on advance payment received

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

Accountant

Manager- Finance and Compliance

GST CONSULTANCY

CA Final