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Service tax on receipt basis
we have a individual client, he is providing services under work contract. for the f.y 2014-15 total service provided for Rs 14 lac but client received only four lac so can he pay service tax on 4 lac only?
second query is in ITR we would have to disclose turnover 14 lac or 4 lac?
Replies (2)
Assessee can pay service tax on receipt basis if t.o of last year does not exceed rupees fifty lakh. for t.o purpose he can follow cash basis if in earlier year he doesn't have follow the accrual basis for recognition of income and don't want to follow in future. Thus, he can pay s.t on Rs 4 lakh and t.o as the case.
Dear friend,
you pay service tax on receipt basis and income tax return prepare for accural basis
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