Service tax
This query is : Resolved
20 October 2011
We are the Chartered Accountant Firm. In FY 2010-11 I receipt fee for Rs. 1305000/-and I pay the Service Tax on Rs. 305000/- Now the my question is in FY 2011-12 suppose I receipt Professional Fees for Rs. 1435000/-then what is the service tax applicability? We are not issue Professional Fees Bill till 10/10/2011 and we Receipt Professional Fees Rs. 6000/- in May-2011. We can take Rs. 10 lakhs exemption in FY 2011-12. Kindly give the suggestion.
Thanking You.
(Nathuram Kadam)
Thanking You.
(Nathuram Kadam)
20 October 2011
The basic exemption in service tax is available in the first year only unlike in the income tax. So, u have availed exemption in FY 2010-11, now u can't take exemption in FY 2011-12 as well. U have to pay service tax even if ur professional receipts are less than Rs. 10 lakh in 2011-12
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