Through This tutorial you can learn about Reverse Charge entry in Tally.ERP9 and enable to compute tax liability on reverse charge service tax. Example: On 23-11-2012 ABC Company availed building
renovation services worth Rs.5,00,000 from R.B.Co. Taxable Percentage of the
service is 60% and tax liability of the service provider is 50%.
Recently, the Delhi CESTAT in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not liable in respect of the payments made to CRS/GDS under reverse charge mechanism and airport taxes collected by the Appellant from the airports.
Recently, CBDT has issued a notification dated
02.07.2015 regarding the e-filing Form 6 under sub-sections (1) and (2) of
section 85 of the Black Money (Undisclosed Foreign Income and Assets)
and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct Taxes
with the approval of the Central Government.
Any communication from the Income Tax department, especially
receiving a notice from them, can send shivers down anyone's spine. However,
there are chances that it might only be a routine enquiry or a request for
The income tax return filing
season in on. The government believes in the philosophy of “Pay as your earn.”
This objective is achieved through two pronged strategy. The first strategy is
to ensure that the income is paid to the recipient after deduction of tax at
the time of payment of the income. Which is implemented through tax deduction
at source(TDS) or tax collected at source (TCS). For the remainders who are not
fully covered under the first strategy, the government uses the second strategy
of making them to discharge their tax liability by way of payment of advance
tax as and when they are earning.