Sevice tax exemption :reg.
dinesh bhatia (individual (tax payer)) (35 Points)
25 April 2016dinesh bhatia (individual (tax payer)) (35 Points)
25 April 2016
Prashant Hegde
(Professional)
(262 Points)
Replied 25 April 2016
Kaushik Joshi
(Practising Chartered Accountant)
(1527 Points)
Replied 25 April 2016
dinesh bhatia
(individual (tax payer))
(35 Points)
Replied 26 April 2016
MR. PRASHANT HEDGE AND MR.KAUSHIK JOSHI MANY MANY THANKS FOR YOUR PROMPT, EARLY AND VALUABLE ADVICE TO MY QUERY.
NOW ONE MORE QUERY ARISE FOR THE SAME PLEASE ADVICE ME.
QUERY IS: IF IN PRECEDING FINANCIAL YEAR TURNOVER IS LESS THAN 10 LAKH AND ALSO IN THE CURRENT FINANCIAL YEAR TURNOVER IS LESS THAN 10 LAKH......INTHIS CASE WHAT WILL BE SERVICE TAX LAIBILTY IS THERE ANY SERVICE TAX OR NOT
THANKS
WITH REGARD
DINESH BHATIA
Kaushik Joshi
(Practising Chartered Accountant)
(1527 Points)
Replied 26 April 2016
Prashant Hegde
(Professional)
(262 Points)
Replied 26 April 2016
Mir Irshad Ali
(Partner)
(192 Points)
Replied 26 April 2016
Small Scale Exemption in Service Tax is provided under Notfn No. 33/2012-S.T.
Basic requirement is that the Taxable value for preceeding financial year should be less than Rs. 10 Lakhs. If-
2014-15 - 8 lakhs - No Tax upto 10 lakhs if turnover for 2013-14 was below 10 lakhs
2015-16 - 12 lakhs - No Tax upto 10 lakhs. Tax payable on remaining 2 lakhs.
2016-17 - 7 lakhs - Tax payable on total amount of 7 lakhs.
2017-18 - 7 lakhs - No Tax (upto 10 lakhs) as turnover for 2016-17 was below 10 lakhs
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)