Basic Exemtion Limi
This query is : Resolved
10 February 2009
One properietry concern whoes collection goes up to 900000 so they registered and take service tax number in the same year they collect receipt about 13lakh and paid service tax, in the next year they collect receipt of 7 lakh and paid service tax as per rule and regulation, in third year also collect Rs. 7 lakh, My query is can we take Basic exemption limit of Rs.10 lakh in third year because of collection below exemption limit from contiuning 2 years, please give me soulution and logic behind it
Thanking You
Thanking You
10 February 2009
In the 2nd year if the gross value of services rendered is < Rs. 10 lakhs, the assessee can take advantage of the threshold limit in 3rd year.
10 February 2009
Yes. I agree with CA Warrier.
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