Service tax liability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2014 Dear All,

My Client is engaged in providing share trading advice and received fees around of Rs. 6 lacs from his clients last year.

He is also engaged F&O trading (for himself) and has earned a profit of Rs. 3.5 lacs last year.

As such, his business receipts (for income tax return purposes) cross 9 lacs.

Will his gross receipts for service tax purposes (i.e. registration limit) will also be considered at Rs. 9.5 lacs?

Is he liable to register under service tax?

Rupesh Jain

Rupesh Jain (Expert)
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22 August 2014 service tax applicable if your receipts is more than 10 lacs. if receipts is more than 10 lacs then service tax no. is compulsory.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 August 2014 His F&o profit will not be considered for service tax purpose, it is only 6 lacs considered for service tax.

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