Bill of feb-2016 & march -2016

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..... Bill of feb-2016 & march -2016
Query (Issue) Started By: - Sanjay Vasava Dated:- 23-9-2016 Last Reply Date:- 25-9-2016 Other Topics
Got 7 Replies
Indian Laws
Dear Sir, I have received some bill from service period of Feb-2016 & March - 2016. (Bill I.e JCB/Hydra and Tractors). Contractor has made an invoice in current date & Submitted to me. Please explain how can pass this type of b .....

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..... ill. Can i book the bill in this financial year??. Please suggest. Thanks & Regards, Sanjay Vasava Reply By MARIAPPAN GOVINDARAJAN: The Reply: Whether your query is for the payment of service tax? If it is so you have to apply the Point of Taxation Rules. Reply By YAGAY AND SUN: The Reply: You can book these bills in their respective accounting head in this year or treat it as prior period .....

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..... expenses. Reply By Ganeshan Kalyani: The Reply: For services received in Feb and March but invoice not received, provison expense would have been accounted in your books. Now that you have received the bills you will account it in the current year but auditor will not allow the expense to claim in the current year as you would have already claimed the expense in previous year. Reply By Sanjay V .....

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..... asava: The Reply: Dear Sir, If auditor not allowed, What i do in this case?? Please suggest. Thanks & Regards, Sanjay Vasava Reply By Rajagopalan Ranganathan: The Reply: Sir, The bill is to be booked by you on the date of payment of the invoice. As per rule 4A of Service Tax Rules, 1994 " Every person providing taxable service shall not later than thirty days from the date of completi .....

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..... on of such taxable service or receipt of any payment towards the value of such taxable service, whichever is earlier, issue an invoice, a bill or, as the case may be, a challan signed by such person or a person authorized by him in respect of such taxable service provided or agreed to be provided. Action is to be initiated for delayed issue of bill by Central Excise Officer who has jurisdiction ov .....

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..... er service provider. Reply By Ganeshan Kalyani: The Reply: Auditor shall deny expense in current year because the provisonal expense was claimed in the previous year while computing income tax. Reply By YAGAY AND SUN: The Reply: Making entries in prior period expense account shall be appropriate in this matter.
Discussion Forum - Knowledge Sharing .....

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