Taxation Accounting

This query is : Resolved

JATHIN HARI (Querist)
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03 April 2010
Dear Sir

My company is not taking credit of service tax payment on any services , can I book the tax as expense.

Eg: Total rent payment Rs 1 Lac(Including ST Rs.10000), is following entry currect

Rent A/c Dr. 100000
To TDS 10000
Party 90000

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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03 April 2010 yes, entry is correct,

but in the case of Rent TDS is deductible only on Rent Amt. and not on service tax portion.

hence deduct TDS Rs. 9000/- on rent

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 April 2010 yes.if you are not taking credit you can book total as expenes and for Rent tds can be deducted with out including ST

kartik_somu

kartik_somu (Expert)
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04 April 2010 agree with experts

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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04 April 2010 Agree

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