Hello, Freinds I want to know regarding Service Tax on Society Maintenance. What accounting entry has to be passed if we are taking a rebate of Service Tax i.e. Abatement. What is the rate of Abetment for the FY 2015-16 and also want to know whether TDS can be deducted on the Maintenance charges as TDS on Contract. Pls. let me know if the problem stated above is not clear. Thanks.
1. There is no abatement in case of Maintenance Service..
2. No Special Entry is required in case you are claiming abatement.. Entry will be :
XYZ A/c.. Dr.
Income A/c Cr.
Service tax Liability.. Cr (This amount is the amount which is payable to the govt)
3. Yes TDS will be deducted on payments made to you.. u/s 194C
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