Taxability of st amt included in advance received
This query is : Resolved
09 September 2013
Builder(not having Service Tax No. and doesn't want to take in future also) received advance from customer's amounting to Rs 1,50,00,000/-.for booking of flat. I Would like know that whether income tax department can add service tax portion on advance received from customer's as income chargeable to tax under income tax act ,as the service tax collected is not credited to profit & loss account as service tax is chargeable to tax under receipt basis.
09 September 2013
Under income tax act deptt can not charge tax on service tax sinc that is not income. But under service tax act builder is req to get registrd nd pay tax. Doesn't matter he wants to or not, he is liable to.
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