Point of taxation
This query is : Resolved
Rohit Jain
(Querist)
02 January 2016
sir,
i m an individual having turnover less than 50lakh i.e. i have to pay tax on receipt..
basis..
Nw i have received payment in the month of December.
but i issue invoice on 1st oct and 1 nov .
nw i have to pay tax @14 % as per point of taxation rules
or i have to pay tax @14.5% as turnover is less than 50 lakh n service tax is paid on receipt basis.
CA R SEETHARAMAN
(Expert)
02 January 2016
You have to pay 14% as per point of taxation rules.
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