Consultancy charges
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2013
I have received consultancy fees of Rs 1lac.At what rate I have to pay service tax and how it will be taxable in my personal income tax return ?
My taxable income is above Rs 5lac/-
My taxable income is above Rs 5lac/-
CMA Ramesh Krishnan
(Expert)
12 December 2013
It is 12.36% service tax. how ever basis exemption limit is Rs.10 lakhs
Message likes :
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Nikhil Kaushik
(Expert)
12 December 2013
with regards to service tax, if the total receipts from services offered is less than Rs 10 lacs, no service tax liability shall arise.
With regards to income tax, it shall be shown as Income from Business/profession. You shall have to file ITR4.
With regards to income tax, it shall be shown as Income from Business/profession. You shall have to file ITR4.
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