basic exmption limit
This query is : Resolved
CA Ravi Shankar K
(Querist)
04 January 2010
kindly tell me the basic exemption limit
earlier and noe as on date
with notification
earlier and noe as on date
with notification
CA Tilak Raj Sharma
(Expert)
04 January 2010
Basic Exemption Limit is Rs. 10L.
04 January 2010
Pl refer notifications 06/2005 dated 01/03/2005, 04/2007 dated 01/03/2007 and 8/2008 dated 01/03/2008 in www. servicetax.gov.in.
04 January 2010
Rs. 10 lacs
Murtaza I Bhagat
(Expert)
04 January 2010
yes 10 lakhs
SANJAY JAIN
(Expert)
04 January 2010
This basic exemption limit provided in Notification No. 6/2005-ST has two aspects.
First 10 lakh for the current financial year is aggregate of first consecutive receipt for taxable service amount (excluding exempted service amount). In this provision the excess amount receipt shall be liable to service tax.
The second 10 lakh pertaining to preceding year is for value of taxable service (including exempted service) rendered in the preceding year.
This exemption is not applicable for the person liable to pay tax in terms of the section 68(2).
First 10 lakh for the current financial year is aggregate of first consecutive receipt for taxable service amount (excluding exempted service amount). In this provision the excess amount receipt shall be liable to service tax.
The second 10 lakh pertaining to preceding year is for value of taxable service (including exempted service) rendered in the preceding year.
This exemption is not applicable for the person liable to pay tax in terms of the section 68(2).
CA Ravi Sisodia
(Expert)
04 January 2010
Agree, Rs. 10 lakhs
Vishnu Saboo
(Expert)
08 January 2010
yes
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Employee secondment
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- Import of Capital Machine
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Closer of business and itc of capital goods
- Rent agreement of House of deceased person
- Capital gain on commercial property and investment in residential property
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
