Jeevarathnam
Sr. Manager Hr/admin
+1 Other

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Good Evening everyone,
My Name is Shweta Sharma, i have started firm one year ago , i am working from home with a employee strength of 3 , can anyone please help me with easy accounting formats as i am a recruitment person and am not so good at accounting entries , also please suggest how to pay the service tax
I have incentive plan of sharing 10 % of billing amount above 1 Lac with the recruiters as on paid by the employers, please share if any suggestions on that or any important keys i should keep in mind,
Thanks and Regards

From India, Mansarovar
Hi Shwetha Sharma.
First of all I would like to understand whether you have registered under Service tax? If yes then you may charge service tax of 15% on final bill value (Service Tax 14%+ Swach Bhaharat Cess 0.5% + Krishi Kalyan cess 0.5%)
There are reverse taxation if it is man power supply. Under this you need not to charge where in the employer will be paying to the govt
For more details you may reach me

From India, Bangalore
Dear Shweta,

Accounting predominantely is to record

the business/profession transaction in order to

know the financial result. As per sec 44AA

of income tax act. 1961 if your income exceed 120000 or turnover/gross receipt

Exceed 10 Lacs in any FY must have to maintain

The books of Accounts.

With regard to service tax :- recruitment

Service falls under supplying of manpower

hence if your turnover Exceed 9 Lacs then

You have to obtained the Service tax number and if turnover exceed 10 Lacs

then you can start to collect the 15% service

Tax and remit the same to Govt. Since you

are in proprietor/partnership firm Therefore

you have to pay service tax electronically

by 6th after closing the quarter however

For this existing quarter 1/1/2017 To 31/3/2017 the due is 31/3/2017. And half yearly

Has to be filed the due is 25 April for this

existing half yearly period. Section 68 of

service tax deal with reverse charges as per

Notification 7/2015-ST dated 1/3/2015

Effected from 1/4/2015 service of supplying

of manpower falls in 100% reverse charges

Means no need to charge the service tax

In service invoice the 100% service tax

Shall be payable by service receiver instead

Of service provider.

Also Note That Reverse charges shall be

Applicable only if you issue the invoice to

Body corporate other then body corporate

No reverse charged shall be applicable?

Thanks & Regards

V SHAKYA

HR & Labour, Corporate Laws Advisor

From India, Agra
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