banner_ad

Exemption limit

This query is : Resolved 
Profile Image

Profile Image

(Querist)
01 February 2011 A chartered accountant has rendered taxable services for a value of rs. 9 lacs. In the same year he gets a bank audit assignment which would take his taxable service beyond the threshold of 10 lacs. In this case, how will he raise a bill for the bank audit services because a portion of the bill would be within the threshold and balance only would actually be taxable. However, to the bank, you have to intimate whether you are liable for service tax or not and levy service tax if it is applicable.What is the methodology for raising the bill, filing returns and payment of tax as you would have collected service tax on the total bill value and not on the amount exceeding the threshold. Learned forum members views solicited.Thanks
Profile Image

CA.Hanumantha Reddy

Profile Image

CA.Hanumantha Reddy (Expert)
01 February 2011 in this case you have to caluclate ST on only the portion which is liable for service tax and show the same in the invoice (giving break up in the said invocie).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details