LIMIT OF EXEMPTION
This query is : Resolved
PIYUSH AGARWAL
(Querist)
30 December 2008
THE ASSESSEE IS A NEW UNIT PROVIDING SERVICES ON 01-11-2008
SUPPOSE IN THE F.Y 2008-09 ASSESSEE RECEIVE RS 8,00,000 FOR SERVISES RENDERED, AND IN THE F.Y 2009-10 RECEIVED RS 20,00,000, AGAIN IN F.Y 2010-11 RECEIVED RS 2,50,000 AND IN THE F.Y 2011-12 RECEIVED 12,00,000
MY QUERY IS WHETHER IN THE F.Y 2011-12 THE ASSESSEE IS REQUIRED TO PAY SERVICE TAX ON 12,00,000 OR RS 2,00,000(12,00,000 - 10,00,000)
ASSUME THE EXEMPTION LIMIT IS REMAINED RS 10,00,000
SUPPOSE IN THE F.Y 2008-09 ASSESSEE RECEIVE RS 8,00,000 FOR SERVISES RENDERED, AND IN THE F.Y 2009-10 RECEIVED RS 20,00,000, AGAIN IN F.Y 2010-11 RECEIVED RS 2,50,000 AND IN THE F.Y 2011-12 RECEIVED 12,00,000
MY QUERY IS WHETHER IN THE F.Y 2011-12 THE ASSESSEE IS REQUIRED TO PAY SERVICE TAX ON 12,00,000 OR RS 2,00,000(12,00,000 - 10,00,000)
ASSUME THE EXEMPTION LIMIT IS REMAINED RS 10,00,000
30 December 2008
Threshold limit is to be calculated on the basis of amount billed and not on the basis of amount received.
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CA Sanjeev Kr Jain
(Expert)
03 January 2009
only finance minister knows about the exemption limit in coming year and he can reply you in advance
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