Please Help: Service Tax
Posted Date : 07-Jun-2012 , 04:05:23 pm | Posted By: Arun Kumar
Category :
Service Tax | Answers :
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Comments :
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A company providing cab hire services issued invoice to Client for their services in next month.Can we take the billing amount of April month in the financial period march as Service Income?? Company registered in service tax. |
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Answers:
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 Answer by: Rishabh Upadhyay |
| iF BILLS WERE RAISED IN THE MONTH OF MAY, THEN SAME SHOULD BE SUBJECT TO SERVICE TAX IN THE NEXT YEAR ONLY.
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| Answer by: Rishabh Upadhyay |
| Income will be recognized in the month the bill is raised by the company. In this case since3 the bill is raised in the month of April, so the income will also be part of income for the month of April.
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| Answer by: CA Satuti Mahajan |
| If the bills are raised in april, then they will be taken in the month of april not prior to that.
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| Comments |
| Posted By : Amit Lath |
12-Jun-2012, 12:13:32 |
| Income should be booked in the month of March only. Coming to the taxation part Service tax is payable on determination of point of taxation .POT is date of issue of invoice or payment whichever is earlier.In this case if the payment has not been made earlier than issuing invoice then POT would be in april and tax would need to be paid in the month of may.(such invoice must be issued within 30 days otherwise date of completion of service or payment which ever is earlier. |
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| Posted By : Saurabh Goyal |
08-Jun-2012, 05:18:36 |
| service tax for the month of january to march is to be deposit up to 31st march only |
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| Posted By : Saurabh Goyal |
08-Jun-2012, 05:17:20 |
| if company provides cab services in the month of march and issue the invoice for the same in the month of april (i.e in the next month)for the sake of incometax purposes such service charges shall be included in the recepts of the next financial year which starts from april month. and for service tax purposes u have to pay service tax in the month of april. |
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