Treatment of service tax for the f.y. 2011-2012
This query is : Resolved
Manoj kumar jain
(Querist)
07 December 2012
Details of previous year i.e. 2010-2011
Total t/o Rs. 800000/-
Payment Recd. Rs. 200000/-
Details of Current Year i.e. 2011-2012
Total T/o Rs. 2500000/-
Payment Recd. Rs. 1100000/- in which previous year payment Rs. 400000/- & balance of Rs. 700000/- in Current Year.
What is the beneficial for me in service tax ????
Total t/o Rs. 800000/-
Payment Recd. Rs. 200000/-
Details of Current Year i.e. 2011-2012
Total T/o Rs. 2500000/-
Payment Recd. Rs. 1100000/- in which previous year payment Rs. 400000/- & balance of Rs. 700000/- in Current Year.
What is the beneficial for me in service tax ????
Manoj kumar jain
(Querist)
07 December 2012
and also reply for the F.Y. 2012-2013 as per same question
Manoj kumar jain
(Querist)
16 December 2012
in above what is the tax treatment under point of taxation & excemption notification & other service law???
22 December 2012
For FY 2010-2011
If your turnover is less than Rs 10 lakhs in 2009-10 then pay tax on Rs 10 lakhs (20 lakh - SSI limit 10 Lakh)
If turnover is more than Rs 10 lakhs then pay tax on entire amount Rs 20 lakhs.
Point of taxation in any case will be date of receipt of payment.
For FY 2011-12
From April-June = pay tax on receipt basis.
From July-March = pay tax on invoice basis.
(For the amount of FY 2010-11 received in FY 2011-12, pay tax on receipt basis.)
If your turnover is less than Rs 10 lakhs in 2009-10 then pay tax on Rs 10 lakhs (20 lakh - SSI limit 10 Lakh)
If turnover is more than Rs 10 lakhs then pay tax on entire amount Rs 20 lakhs.
Point of taxation in any case will be date of receipt of payment.
For FY 2011-12
From April-June = pay tax on receipt basis.
From July-March = pay tax on invoice basis.
(For the amount of FY 2010-11 received in FY 2011-12, pay tax on receipt basis.)
Manoj kumar jain
(Querist)
22 December 2012
Sir please rectify my above problem we are not able to understand these situation what is better for me
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