exemption period

This query is : Resolved

kgbabu (Querist)
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15 November 2008
dears

please clarify
service tax exemption limit 10 laks.
it is from incorporate date. or financial year

for example.
company incorporate on 11.11.2007 till march 08, it is turn over is 3laks .
then from april-08 to till october -08 it's turnover 10laks.
can i calculate tax from nov-08 (or)from april-08 .

this exemption limt, can i avail next next year?

pleas clarify

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 November 2008 From 11-11-2007 to 31-3-2008 ---- exempted.
From 01-04-2008 to 31-10-2008 --- exempted.
From 01-11-2008 to 31-03-2009---- taxable. you may collect tax from 1st nov onwards.
Next year,if < than 10 lakhs exempted otherwise taxable for entire amount.
N.B:- For this purpose amount billed is to be considered and not amount received.

Deepak Agrawal

Deepak Agrawal (Expert)
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16 November 2008 :)

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