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.
24 March 2009
no provision to club. this year pvt company will be a small service provider. eligible to claim exemption upto 10lcs
24 March 2009
Turnover of cable business after date of acquisition will be included in the turnover of private limited company.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
