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Point of taxation

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 October 2014 WHAT WILL BE POINT OF TAXATION IF MY GROSS RECIEPTS ARE BELOW 50 LACS IN A YEAR?

WHETHER I CAN OPT FOR RECIEPT BASIS FORMULAE?
KINDLY MENTION THE SECTION OR RULE ALSO.
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MOHAMMAD SALIM

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MOHAMMAD SALIM (Expert)
03 October 2014 Rule 3 of POT rules not apply when in case of individual or a partnership firm if the aggregate value of service provided in the previous FY does not exceed Rs 50 lakhs and can opt fro receipt basis POT....
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MOHAMMAD SALIM

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MOHAMMAD SALIM (Expert)
03 October 2014 The above has been stated in Third proviso to rule 6 of Service tax Rules, 1994...
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 October 2014 Thanks bhai
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 October 2014 SIR ONE THING MORE PLEASE
IF MY GROSS RECIEPTS REMAIN LESS THAN 50 LACS FOR EVERY YEAR , THEN CAN OPT FOR RECIEPT BASIS UNTIL MY GROSS RECIEPTS EXCEED 50 LACS.
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MOHAMMAD SALIM

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MOHAMMAD SALIM (Expert)
04 October 2014 Yes.... the benefit can be availed each year till gross receipts do not exceed Rs 50 lakhs...
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 October 2014 Thanks ..............
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