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TMI BlogAdvance ForfietedX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, in my company ,one party was order to supply the material and we also received advance amount agt po amount ₹ 2800000.after the material is lying in our factory premises and the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er was cancel.So,we take it in balance sheet as Advance forfieted amount in other income head.Is there any tax liability in this Forfieted amount as per section 66E(e). Please advice . - Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... By Rajagopalan Ranganathan - The Reply = Sir, The amount forfeited will represent a fee/penalty for tolerating the act non-lifting of the goods from your factory by your customer. Therefore accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to Section 66E (e) of Finance Act, 1994 you have deposit the service tax @15% including Swatch Bharat Cess and Krishi Kalyan Cess. - Reply By YAGAY AND SUN - The Reply = Service Tax shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicable on such transaction under Section 66 E (e). - Reply By KASTURI SETHI - The Reply = I support the views of both experts. - Reply By Ganeshan Kalyani - The Reply = The amount forfeit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed is an income and liable to service tax as the provision under Finance Act. - Advance Forfieted - Query Started By: - Amit Nayak Dated:- 24-1-2017 Central Excise - Got 4 Replies - Central Excise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 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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