Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Basic limit

Save Share

This query is : Resolved

Rajesh Topiwala (Querist)
Follow

15 July 2013 I want to go for VCES scheme for my client as recently declared by government from 01.10.2007 to 31.12.2012. Taxable Service provided in 2007 - 2008 Rs. 5,00,000 /- entire year. 2008 - 2009 upto 7th bills Rs. 9,00,000 /- but 8th bill Rs. 3,00,000 /-. Means crossed 10 lacs by 8th bill.
My querry
1. Should one claim basic limit of Rs. 10 lac ? 8th bill of Rs. 3,00,000 /- is taxable ? Should I pay tax on Rs. 3,00,000 /- or is it exempt ? Can anyone please clarify the same ?
2. what about SERVICE TAX from 01.01.2013. They are ready. It is taxable. Should one pay ST alongwith interest from 01.01.2013 to 30.06.2013 first & then go for VCES or vice versa ? ST No. got by them.

Ankit Gupta

Ankit Gupta (Expert)
Follow

17 July 2013 Yes you should claim SSP exemption n full amount of rs 300000 is taxable. In regard to liable from 1.03.2013 you have to pay tax along with interest.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now