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Course name-BSBECO-201 Accounting Tax

The document discusses Indian accounting tax laws. It states that if a taxable service provider receives a payment over Rs. 1,000 more than the invoice amount, the tax on the excess amount can be determined based on either the invoice or service completion date. It provides an example of how these provisions help companies in telecommunications and credit card industries that regularly receive small excess payments. It also defines non-stop supply of service as any service provided for over 3 months, with each part of the service considered separately for tax purposes. An example is provided of a construction project billed and taxed in 10% increments.

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Navdeep Singh
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39 views1 page

Course name-BSBECO-201 Accounting Tax

The document discusses Indian accounting tax laws. It states that if a taxable service provider receives a payment over Rs. 1,000 more than the invoice amount, the tax on the excess amount can be determined based on either the invoice or service completion date. It provides an example of how these provisions help companies in telecommunications and credit card industries that regularly receive small excess payments. It also defines non-stop supply of service as any service provided for over 3 months, with each part of the service considered separately for tax purposes. An example is provided of a construction project billed and taxed in 10% increments.

Uploaded by

Navdeep Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Course name- BSBECO-201

ACCOUNTING TAX
bills in more of quantity of bill
anyplace the enterprise of taxable provider receives a fee as much as ` 1,000 in extra of the
amount indicated inside the invoice, the element of taxation to the amount of
such excess amount, at the selection of the issuer of taxable provider, might
be determined on the idea of invoice or of completion of provider, due to the fact the case can
be, instead of fee.

Such provision is to help carrier vendors in telecommunications, credit


score rating card agencies who regularly collect minor excess payments from their customers.

non-forestall deliver of carrier
non-prevent supply of provider way any provider this is provided constantly, for
a duration exceeding 3 months and in such instances every a part of the provider shall be taken
into consideration to be separate carrier and POT may
be determined for each such detail and it's going to in all
likelihood be determined via the carrier provider and provider recipient e.g. If ABC Ltd. has
given agreement to XYZ Ltd. on 01.04.2015 for creation of one building with 20 flooring and
as in step with agreement, XYZ shall trouble invoice and take charge on final touch of each 10%
of the constructing. XYZ Ltd. has finished 10% of production on 10.07.2015 and
issued invoice on 20.08.2015 and obtained fee of `7,00,000 plus company tax on 31.08.2015,
in this case POT can be 10.07.2015 and XYZ Ltd. will be required to pay company tax upto
06.08.2015

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