Receipt basis or accrual basis
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 February 2013
One of my client(Proprietor) has crossed his turnover limit of Rs.50 lac in the month of December 2012.Till December we are depositing tax on receipt basis. From January onwards whether i need to deposit tax on accrual basis?
Please guide me.
Please guide me.
CA Vipin Jain
(Expert)
01 February 2013
Yes, after 50 lakhs service tax need to pay on accrual basis.
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