Is tax payble for bill generated on 30th march of year

Save Share

This query is : Resolved

Krishna (Querist)
Follow

26 December 2014 Dear Sir/Madam,
Please resolve my querry for Tax payble for bill generated financial year or for amount receipt year on 15th aprilo of next month. or partly rececieve in march & april.

Tahnks

Warm Regards !

K M Lal

P V Ram

P V Ram (Expert)
Follow

26 December 2014 Both Income tax and also Service Tax, if any required are to be considered for bill raised on 30th March

Thanks!

CA Robin Betala

CA Robin Betala (Expert)
Follow

26 December 2014 Service Tax Liability arise be on 30 March when bill is generated.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

26 December 2014 As per Section 68 (1) of Finance Act, 1994 read with rule 6 of Service Tax Rules 1994, In case of Individual or partnership firm whose taxable service during the last year does not exceeds 50 lacs the option is available for such assessee to pay service tax at the receipt i.e. on cash basis.

However in other cases Service Tax required to paid on before 31st March, of the year

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now