26 August 2014
ADVANCE RECEIVED 1,00,00,000 SERVICE TAX 12,36,000 TDS 11,23,600
IN THAT CASE WHAT CAN WE DO FOR TDS SETTLEMENT, BECAUSE TDS ALREADY DEDUCTED ON INCLUDING SERVICE TAX AMOUNT, BUT AFTER NOTIFICATION PASSED ON 13.01.2014 TDS NOT TO BE DEDUCTED.
27 August 2014
If possible, you can ask the customer to adjust this in subsequent payment to you. If you have a good amount of tax liability for the full year, you will be on better side in terms of estimation of net tax outflow and cash flows on account of this. U can save interest u/s 234B and 234C since TDS amount is deducted from assessed tax directly irrespective of date of deduction of tax. Because of this, you can pay less advance tax.
27 August 2014
If there is no subsequent bill, you need to only pay less advance tax considering this excess deduction. How service tax is still remaining in balance? You need to pay this amount to govt right?
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