IDT Amendments for CA Final Nov 2012 Exam By CA Manoj Batra

AWESOME SHARING......................

Thanks a lot rahul .........

ATTENTION PLEASE: 

SATELLITE BATCH KI DETAILS GALAT PRINT HO GAYI HAI AMENDENT BUK ME

WO 26TH SE BATCH START HAI - M,W,F (EVENING) - 5-15 TO 8-45 PM

ACTUALLY USME T,T,S MORNING KA TIME GALAT PRINT HO GAYA THA

PLEASE RECTIFY THIS...............

FOR RULE- 4 OF POT 2011-SIMPLE FORMULA- FIRST OF ALL DETERMINE
(i) Date on which taxable services have been provided; 
(ii) Date of issue of invoice; 
(iii) Date of receipt of payment
if any *two events* out of 3 above takes place prior to 31.03.2012, old rate i.e. 10.3% 
if any *two events* out of 3 above takes place on or after 01.04.2012, new rate i.e. 12.36% ------------------ ILLUSTRATION

M/S RAJA LTD. has a practice of raising invoice immediately on the date of completion of service OR payment received whichever is earlier. ON the basis of following data for April 2012 onwards, advice M/S RAJA LTD. as to due date of payment of tax and SERVICE tax payable thereon and after claiming SSP exemption, if any. service tax rate is 12.36%.
M/S RAJA LTD.has provided the service in 2011-12 was 8.5 lakh.

Replied By CA Manoj Batra:

SERVICE TAX- 12360 - CALCULATION AS FOLLOWS----..........

Amount received in APRIL 2012- Pertaining to MARCH 2012- NO S. TAX BECAUSE OF PRECEDING YEAR.. AND TAX HAS BEEN PAID IN P.Y OR EXEMPTED IN P.Y

FOR MAY 2012- EXEMPTION CLAIMED UPTO 5 LAKH.. ON INVOICE BASIS…

FOR JUNE 2012- S. RECIEVER WILL PAY SERVICE TAX, RAJA LTD S. PROVIDER SSP EXEMPTION LIMIT NOT BE EFFECTED DUE TO THIS…

FOR JULY 2012- SINCE THE SERVICE IS EXEMPTED, IT WILL NOT EFFECT THE SSP EXEMPTION LIMIT.

FOR AUG 2012- BALANCE 5 LAKH EXEMPTION TAKEN AND SERVICE TAX WILL BE PAYABLE ON 1 LAKH * 12.36% =12360

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