what will be journal entry in the books of a labour contractor..............at the time of raising bill,when we are charging service tax and at the time of payment TDS is deducted by our customer...will TDS be charged on service tax also...what will be the journal entries at the time of payment and raising the bill.
Menu
Entries for service tax
Replies (3)
enrty at the time of raising the bill:
Party A/c Dr
To Contract Income
To service Tax Payable
At the time of Receipt
Bank A/c Dr
TDS Receivable Dr
To party A/c
if YOU ARE MAKING PAYMENT UNDER SEC 194j THEN YES ON SERVICE TAX also tds need to be deducted
BUt under sec 194I - only on net amount i.e. tds shall not be charge on service tax
Entry provided above is fine...
I AGREED WITH VINAY SIR...
Recent Topics :
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
Related Topics :
CAclubindia
