i need your help about entries of service tax, optional voucher, journal voucher, memo vouchers in tally 7.2
Debit income tax expensesCredit cash / bank
mo services provided by rbi are covered under negative list entries
Wage and Tax Statement
debit income tax paidcredit cash
the tax imposed on the service providers by the govt. is called service tax
no service tax is not a direct tax. b'coz direct tax is directly imposed on person and it can't be transfered on the other person. Service tax is levied on service provided and it is levied and collected from clients. so service tax is an Indirect Tax.
If you do not want to pay service tax, then you should not obtain services that have a service tax. Service tax is a tax on certain services. The amount of services is increasing.
Yes I am afraid so.It does not matter how you make income you have to pay tax on it.
till 31.3.2012 service tax rate : 10.30% from 1.4.2012 service tax rate : 12.36%
TDS is Tax Deduction at Source which is deducted from the service holder/ consultant during payment. At present, TDS is 10.1%. Service tax is a tax payable on the service provided by the service provider, at present it is at 12.36%
It is important to make adjusting journal entries as there may be some mistakes in original entries or company may created accrual entries which needs adjustments at the end of month or accounting period.
Establishments are adding tax to their service charges, is that legal?