Speculative business attracts service tax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2013 Respected sirs,
I have a query regarding service tax applicability:
Is intra-day trading effect the service tax exemption limit?(i.e. Rs. 10,00,000)

For eg. I have income from professional fee of Rs. 7,25,975, and also doing intraday trading, where I am in loss: total Sales/receipt - Rs. 24,87,225 and Purchase/cost Rs. 25,92,415.

Please suggest me Is I am liable to service tax and Can I claim loss against professional fee?

Thanks in advance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 July 2013 Yes you are liable for service tax as the gross fees exceeds rS 10,00,000.

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2013 Thanks a lot... do you have any notification regarding this...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 July 2013 this service is not covered by negative list u/s 66D hence its a taxable service and since u have earned more then 10 laks that is y its taxable

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2013 but sir someone says it is trading and not service, so threshold limits are not attracted... please suggest...
thanks

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