Questions about online services.

Your annual profit is around USD 48,000 which when converted into INR is around  Rs 22,00,000.  Your gross receipts are around USD 1,20,000 which when converted into INR are around  Rs 55,20,000.

According to me considering the amount of your transactions, you should take professional advice from a Chartered Accountant or a Tax Consultant who would solve all your queries.

Your global income is taxable in India since you are a resident in India and this income will be subject to Income Tax.  You should also look at withholding tax implications under Section 195 of the Income Tax Act, 1961 as you are making payments to non-residents.

Renting of computers can be covered under the service category supply of tangible goods.  However since the goods are not supplied to anyone in India, the receipts from such transaction will not be subject to service tax.  Consequently, no service tax registration number should be obtained.

My comments are based on the basic understanding of your situation and I reiterate that you should obtain professional advice from a Chartered Accountant.

assumed that its related to "renting of SERVERS" hence service tax applicable, 

however he can avail the benefit of "export of services" subject to fullfilment of specifed criteria, for more details visit your nearest service tax office.