tax liability in case of take over of business
This query is : Resolved
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.
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
(Expert)
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
(Expert)
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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