EXEMPTION OF 10 LACS.
This query is : Resolved
Guest
Guest
(Querist)
20 September 2009
Is it true so that exemption of 10 lacs is available only for first year and for subsequent years it is taxable for whole amt.
CA.Tarun Maheshwari
(Expert)
20 September 2009
To an extent it is correct. If in one year the turnover crosses 10 Lacs, then service tax is chargeable on full amount next year. But if in next year turnover is less then 10 lacs, then in that year it is fully chargeable but not in the next year, i.e third year. In that case, the limit shall apply again. Hope I am clear. If not then pls tell me again.
Message likes :
1 times
CA CHINTAN AJMERA
(Expert)
20 September 2009
E.G. YEAR 09-10 11 LACS S.T APPLICABLE FOR THIS YEAR AND NEXT YEAR MEANS YEAR 10-11 BUT IN YEAR 10-11 YOUR TURNOVER IS 8 LACS THEN ST NOT APPLICABLE FOR THE YEAR 11-12.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- GSTR9 Annual Return
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- Capital Gains Tax on Inherited Mutual Fund
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- 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?
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
