Ssi exemption
This query is : Resolved
17 April 2012
A firm provides taxable services during the year 2009-10 of Rs. 12 lakh and provides taxable services in the year 2010-11 of Rs. 7 lakh. A firm cannot enjoy SSi Exemption in the year 2010-11 becoz limit exceeds in the year 2009-10.
But i want to know that whether SSi exemption an be availed in the year 2011-12 becoz the the service provided in the yaer 2010-11 was less than Rs. 10 Lakh. Is SSI can be availed only once or can be availed in every year if preceding year provided services is less than the 10 lakh
But i want to know that whether SSi exemption an be availed in the year 2011-12 becoz the the service provided in the yaer 2010-11 was less than Rs. 10 Lakh. Is SSI can be availed only once or can be availed in every year if preceding year provided services is less than the 10 lakh
17 April 2012
You are absolutely right, SSI exemption can be aviled in year 2011-12 upto gross receipts of Rs. 10 lacs because limit does not exceed in previous F.Y. 2010-10.
17 April 2012
If firm received amount in 2010-11, exceed Rs.10 Lakh the the firm cannot take ssi exemption. if taxable services provided by firm and amount received by firm, both are less then 10 lakh, then firm can avail this benfit.
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