Crossing Exxemption limit in first year
This query is : Resolved
hitesh sharma
(Querist)
19 May 2009
What is the excemtion limit for first financial year for an assessee
Swcondly,If exemption limit is crossed in first financial year then what amount should be considered for service tax ? say exemption limit in first financial yeat is Rs 10,00,000 and the assesse has provided service for Rs. 12,00,000 then at what amout tax will be levied , on Rs balance 2 lakh or whole 12lakh??
Swcondly,If exemption limit is crossed in first financial year then what amount should be considered for service tax ? say exemption limit in first financial yeat is Rs 10,00,000 and the assesse has provided service for Rs. 12,00,000 then at what amout tax will be levied , on Rs balance 2 lakh or whole 12lakh??
19 May 2009
The overall limit is RS 10L irrespective to date you start business.
ST would be taxable over and above the exemption limit i.e. RS 2L
ST would be taxable over and above the exemption limit i.e. RS 2L
CA Nitin Wadhwani
(Expert)
19 May 2009
But in the second year you need to charge service tax from Re.1/-.
CA.Tarun Maheshwari
(Expert)
20 May 2009
Agree with both the experts.
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