17 March 2009
Can anyone help me out in a doubt relating to the above subject.
Q: Turnover for FY 2007- 08 - 700000 Total receipts in 07-08 (a)in respect of bills raised in 07-08 - 650000 (b)advance received in respect of service to be rendered in Fy 08-09 - 400000 -------- Total receipts - 1050000 -------- The business was commenced on 31st Jan, 2007. My queries are: (i)Can i claim general exemption upto Rs. 800000 receipts, given to small service providers as my turover in 07-08 is less than Rs.800000?
(ii)Should I pay service tax on receipts exceeding Rs 800000 i.e on Rs.250000 which constitutes my advance receipts?
(iii)As my turnover is less than Rs.800000 in 07-08 can i get general exemption of Rs.1000000 in FY 08-09?
(iv)Finally what are the consequences if I am not registered in FY 07-08?
I would be grateful if any one provide me with the answers for the above queries as soon as possible.
CAclubindia
