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Point of taxation for ca

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KETAN (Querist)
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28 June 2012 Dear Sir,

If a CA firm is having gross annual receipt of Rs. 1 crore, what would be it's point of taxation. Should it be on receipt basis as per the Point of Taxation Rules 2011 or on accrual basis as amended by the present budget.

Thanks in Advance
Ketan

RENGARAJ R.K

RENGARAJ R.K (Expert)
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28 June 2012 The point of taxation in case of specified service persons: This includes individuals, proprietary firm or partnership firms providing taxable services viz., Consulting Engineer, CA.......
And hence the point of taxation shall be the date on which payment is received or made.

KETAN

KETAN (Querist)
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28 June 2012 Thank u sir. So this applies even in current year despite change in service tax rules that individuals/firms having receipts of more than 50 lacs will pay service tax on accrual basis.

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