Hi
If any fellow member can please throw some light on below:
1. I am planning to have proprietory concern which will have turnover of 80 lacs as foreign income - consultancy fees. Will this fall under ambit of tax audit?
2. Will I be liable for service tax? Even though this will be foreign income.
3. Should I be applying for cop to run this concern?
thanks
YES YOU ARE UNDER THE AMBIT OF TAX AUDIT AS YOUR INCOME FROM PROFESSION EXCEEDS Rs.25 LACS.
IF SERVICE IS PROVIDED OUTSIDE THE TAXABLE TERRITORY NO SERVICE TAX PROVISIONS APPLIES .
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