Threshold exemption
This query is : Resolved
06 March 2014
I am register in service of PARKING TO GENERAL PUBLIC w.e.f 1/07/2012. My question is that my rendered service in financial year 11-12 is 1500000\-. But this service is taxable w.e.f 1/07/2012. Can i take the exemption of Threshold Limit regarding this.
CA Mahavir Shah
(Expert)
06 March 2014
You need to first of all identify the fees received on or after 01/07/2012. And from that you have to deduct threshold limit of Rs.10 Lacs.
And on balance amount you need to deposit tax.
And on balance amount you need to deposit tax.
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