tax liability in case of take over of business

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vipul (Querist)
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24 March 2009 hi all

my client,a proprietor is in the business of cable service provider. his business was taken over by pvt ltd co (having separate s.t. registration) wef 1/1/09. till today, turnover of pvt co had not exceeded the basic limit. i would like to know is there any clubbing provision and will pvt co be liable to pay service tax or will it be able to cliam basic exemption.

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)
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24 March 2009 no provision to club. this year pvt company will be a small service provider. eligible to claim exemption upto 10lcs

Rajesh Kumar

Rajesh Kumar (Expert)
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24 March 2009 Turnover of cable business after date of acquisition will be included in the turnover of private limited company.

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