Hi,
Let me know the how to present income in P&L including Service Tax i.e. Gross oncome or Net Income ( As per AS-9)
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AS-9
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Income is to be presented in the P & L a/c excluding service tax, i. e. Gross Receipts Rs. 10,000/- Service Tax Rs. 1,030/-, then income in P & L A/c Rs. 10,000/- only.
Income should be disclosed net of service Tax in P/L. i.e. excluding Service tax. U r collecting Service Tax on behalf of Govt. as an agent which u have to pya the Govt. Hence Service tax is not an income for the entity.
Excluding
| Originally posted by :Nitin Kokane | ||
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Hi, You can show gross receipts in the inner column of Profit & loss and deduct Duties & Taxes from it and show only net amount in Out column. Acconting of duties & taxes should be as per your accounting policy i.e. Excluding & including method. If you follow including menthod then u can show gross receipts as income and debit taxes paid as expenses.
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