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.
Message likes :
1 times
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
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
- Ito add credit side of bank
- GSTR9 Annual Return
- Employee secondment
- GST ITC as per notification 12/2023- central tax
- Gift to nri relatives resides in usa
- Rent agreement of House of deceased person
- Applicability of tax on invoice
- Form 144 TDS Return Validation error
- Form 144 TDS Return Validation Error – Mandatory Fields
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- 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?
- Resigning a auditor from the company for misconduct
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
