Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: empanelment :: cpt :: VAT Audit :: list of goods taxed at 4%
 
 
ICAI »
 CPE Events 25 September- 30 September 2017
 Indian Accounting Standards (Ind AS): An Overview (Revised 2017)
 Educational Material on Indian Accounting Standard (Ind AS) 18, Revenue (Revised 2017)
 Group to identify the issues for simplying the process for compliance of GST especially by small and medium enterprises, traders and professionals
 Next batch of the Certificate Course on Valuation at Bangalore from 11th November, 2017.
 Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017
 CPE Events 18 September- 23 September 2017
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 October
 Peak Filing Preparation 2017-MCA 21
 Group for suggesting ways and means to resolve Inter unit reconciliations issues including re-engineering the process/procedures, revenue sharing, between HO and branches, various grants payable and accounting entries thereof, especially in GST regime
 Weightage of Marks at All Levels of CA Course Under Revised Scheme of Education and Training

ICAI-Compliance Under Service Tax - 2012-13 - Bank Audit
March, 30th 2012

The compliance under service tax provisions post Finance Bill 2012 may need clarity on 3 aspects which are discussed as under: 

I. Small Service Provider Exemption

The basic exemption is available to the CA whose taxable services in 2011-12 did [does] not exceed Rs.10 lakhs. Such CA would not be liable to service tax for services provided in 2012-13 upto a value of Rs. 10 Lakhs. Once the limit is exceeded then they would be liable for the incremental services beyond Rs. 10 Lakhs. 

Therefore if eligible for the exemption, no need to charge any service tax for the bank audit.

II. Date of Billing

The Bank audit could have commenced in March 2012, however the completion of the services would be in April/ May 2012. Since the completion of service is important, as per the Point of Taxation Rules {POTR} the rate of service tax would be: Basic- 12% EC- 0.24 SHEC- 0.12- Total 12.36%.

This is so because we do not receive any advance and billing prior to provision of service would not change the rate. 

III. Date of payment

The date of payment would be irrelevant this year as the rate of 12% is effective for the year and changes if any are only expected to be in Budget 2013.

This is for general guidance of members, however, members may take their independent and correct view regarding chargeability of service tax. 

For any further queries please host on www.pdicai.org or send to idtc@icai.org

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions