If i have paid insurance premium for company office premises for the periosd from 24 march 2013 to 23 march 2014 of INR 29500 plus srvice tax @ 12.36% of INR 3346. On 31 march 2013 how should i book my insurnac epremium exp for the year ending on 31 march 2013?
Should i account entire service tax paid as expense in for the year or i should proportionately expense off cenvat credit also in accounting?
i.e 29500*8/365=647 or 647+3646(CENVAT Credit)=4293 or 33146*8/365=726. How much should i expense off in books as on 31 march 2013? 647 or 4293 or 726?
I m eligible for CENVAT credit of INR 3646.
Please reply urgently.
CAclubindia
