Services Tax on Professional Fees
This query is : Resolved
21 January 2011
What is the limit in Financial Year 2010-11
for Chartered Accountant. suppose I receipt
fee for Rs. 10 lacs and above can I pay the
service tax on excess of 10 Lacs.
Thanks & regards
for Chartered Accountant. suppose I receipt
fee for Rs. 10 lacs and above can I pay the
service tax on excess of 10 Lacs.
Thanks & regards
21 January 2011
Limit for service tax is Rs. 10 lakhs. If last year you have not crossed the threshold then you can claim exemption of Rs. 10 lakhs for payment of service tax, i. e. if in F. Y. 2009 - 10 u receipt was say Rs. 600,000/- and in this year it is Rs. 1,200,000/- then in current F. Y. 2010 - 11 you need to pay service tax on Rs. 200,000/- only.
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