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Service tax liability

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 August 2014 Dear All,

My Client is engaged in providing share trading advice and received fees around of Rs. 6 lacs from his clients last year.

He is also engaged F&O trading (for himself) and has earned a profit of Rs. 3.5 lacs last year.

As such, his business receipts (for income tax return purposes) cross 9 lacs.

Will his gross receipts for service tax purposes (i.e. registration limit) will also be considered at Rs. 9.5 lacs?

Is he liable to register under service tax?
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Rupesh Jain

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Rupesh Jain (Expert)
22 August 2014 service tax applicable if your receipts is more than 10 lacs. if receipts is more than 10 lacs then service tax no. is compulsory.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 August 2014 His F&o profit will not be considered for service tax purpose, it is only 6 lacs considered for service tax.




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