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TMI BlogService tax on advance receivedX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, I need your valuable support. My company having rent income is receiving advance rent at the time of signing contrat for 6 months and this is being adjusted some percentage in every month. Our practice is that we are paying service tax on monthly rent received including this adj. amount ( ST is not paid on advance received). Kindly suggest whether we should deposit ST on advance received or t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his practice is o.k. Thanks - Reply By CA. R.K.Aggarwal - The Reply = In terms of sec 67(3) , gross amt shall include any amt received befor,during or after provision of service. Hence any advance payment recd. shall form part of taxable service and s.tax is to paid at the time of receipt of advance itself. - Reply By V Ramanujam - The Reply = If the amount received is 'advance rent', then Ser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vice tax is to be paid on the entire amount at the time of 'receipt of the money'. However, if the amount received is rent deposit as per the agreement, which is in turn adjusted against rent, then different view can be taken. - Reply By shirish nagchandi - The Reply = in case any advance amount is received and the services will be given later on the service tax should be deposited at the time of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advance received. - Service tax on advance received - Query Started By: - Mnaoj Kumar Sharma Dated:- 20-2-2008 Service Tax - Got 3 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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