TaxTMI 
TaxTMI 
Advance Forfieted
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....dvance Forfieted<br> Query (Issue) Started By: - Amit Nayak Dated:- 24-1-2017 Last Reply Date:- 24-1-2017 Central Excise<br>Got 4 Replies<br>Central Excise<br>Dear Sir, in my company ,one party was o....
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....rder 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 order was cancel.So,we take it in balance shee....
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....t 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 By Rajagopalan Ranganathan: The Reply: Sir, The ....
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....amount forfeited will represent a fee/penalty for tolerating the act non-lifting of the goods from your factory by your customer. Therefore according to Section 66E (e) of Finance Act, 1994 you have d....
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....eposit the service tax @15% including Swatch Bharat Cess and Krishi Kalyan Cess. Reply By YAGAY AND SUN: The Reply: Service Tax shall be applicable on such transaction under Section 66 E (e). Reply....
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.... By KASTURI SETHI: The Reply: I support the views of both experts. Reply By Ganeshan Kalyani: The Reply: The amount forfeited is an income and liable to service tax as the provision under Finance A....
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....ct.<br> Discussion Forum - Knowledge Sharing ....