Dear All,
Would like to have the following information:
1. What is the Service Tax Rate that is applicable for a fees collection at a Coaching Institute and what frequency do we need to submit Returns.
2. Does the Income generated by way of Fees Collection from Students in a Coaching Centre (Partnership Firm) attract Income tax or any other taxes apart from Service Tax
Thanks in Advance.
Kavee
1. 10 % service tax + 2% Edu cess + 1% S&HS Edu Cess ( total 10.3% of gross receipts), payable quarterly, return half yearly.
2. income tax is direct tax while service tax is indirect taxes, so incometax is payable on the net income( after allowed expenditure), whereas the service tax is paid on gross receipts itself.
| Originally posted by : U S Sharma | ||
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1. 10 % service tax + 2% Edu cess + 1% S&HS Edu Cess ( total 10.3% of gross receipts), payable quarterly, return half yearly. 2. income tax is direct tax while service tax is indirect taxes, so incometax is payable on the net income( after allowed expenditure), whereas the service tax is paid on gross receipts itself. |
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agreed with sir
cheers
agree with u s sharma
Service Tax at the rate mention by Mr. Sharma will be levied only if your gross receipts exceeds10 Lacs,
You have to file Half yearly returns of service tax if the limit mentioned above exceeds.
I f gross reciept in the year exceed Ten lacs service tax will be as follow with accounting code for information:
10 % service tax + 2% Edu cess + 1% S&HS Edu Cess ( total 10.3% of gross receipts).
| No | Service Category | Date of Introduction | Accounting Codes | |||
| Tax Collection | Other Receipts | Deduct Refunds | Education Cess | |||
| 22 | Commercial Training or Coaching | 01.07.2003 | 440229 | 440230 | 440231 | 440298 |
please reply
if the assessee is having pan based service tax no. but don't have aces login id and password than what to be done.
what if he doesn't have pan based service tax no.
do we need to visit department for taking the id and password.???
if somebody have aces login id than also he need to deposit hard copies along with the surrender aknowledgement which we will receive online.
one more issue if somebody is having a property in gurgaon which is let out and residence in delhi than where he need to get to registered delhi or gurgaon???
ADVERTISING CO. TURNOVER 10 LACS. & CO. ALREADY SERVICE TAX DEPOSITED. SAME COMPANY RECEIVED RENT ON IMMOVABLE PROPERTY , UPTO 5 LACS , PLEASE GIVE ME A INFORMATION TO BE DEPOSIT SERVICE TAX ON IMMOVABLE PROPERTY ?
Dear All my expert friends !!
Currently studing a case of one of the company which is dealing in direct seeling through MLM ( Chain Marketing).
Their transaction is as below
Joiniing Fee - INR 1000 , Which includes ( Product of INR 700 and Membership Fee INR 300)
Company is giving direct sponsor commission+ Binary Commission to their members.
Comapny raising sales tax invoice for product
My question is , is service tax aaplicable to this company or not? if yes then how and under which type of service
CAclubindia
