If one gets Rs 12 Lacs annually as a fee against Scientific & Technical Consultancy. He has to pay Service tax @ 10.3% on 12 Lac and he pays Income Tax also on 12 Lacs @ 30%. Please inform if I am correct
WELL WELL That really means that for scientific & technical consultancy this person gets 12 lacs in a year and Our Govt takes about 45% as tax (service tax and income tax).
The rate of service tax is 12.36% w.e.f. 01-04-2012. Earlier to that, i.e. from 24-02-2009 till 31-03-2012, it was 10.30%.
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