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TMI BlogAdvance ForfietedX X X X Extracts X X X X X X X X Extracts X X X X ..... Advance Forfieted X X X X Extracts X X X X X X X X Extracts X X X X ..... order to supply the material and we also received advance amount agt po amount ₹ 2800000.after the material is lying in our factory premises and the order was cancel.So,we take it in balance she ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et as Advance forfieted amount in other income head.Is there any tax liability in this Forfieted amount as per section 66E(e). Please advice . Reply By Rajagopalan Ranganathan: The Reply: Sir, The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount forfeited will represent a fee/penalty for tolerating the act non-lifting of the goods from your factory by your customer. Therefore according to Section 66E (e) of Finance Act, 1994 you have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposit the service tax @15% including Swatch Bharat Cess and Krishi Kalyan Cess. Reply By YAGAY AND SUN: The Reply: Service Tax shall be applicable on such transaction under Section 66 E (e). Repl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y By KASTURI SETHI: The Reply: I support the views of both experts. Reply By Ganeshan Kalyani: The Reply: The amount forfeited is an income and liable to service tax as the provision under Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. X X X X Extracts X X X X X X X X Extracts X X X X
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