Taxation Accounting
This query is : Resolved
JATHIN HARI
(Querist)
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
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
(Expert)
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
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
(Expert)
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
(Expert)
04 April 2010
agree with experts
CA Ravi Sisodia
(Expert)
04 April 2010
Agree
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