please clarify service tax exemption limit 10 laks. it is from incorporate date. or financial year
for example. company incorporate on 11.11.2007 till march 08, it is turn over is 3laks . then from april-08 to till october -08 it's turnover 10laks. can i calculate tax from nov-08 (or)from april-08 .
15 November 2008
From 11-11-2007 to 31-3-2008 ---- exempted. From 01-04-2008 to 31-10-2008 --- exempted. From 01-11-2008 to 31-03-2009---- taxable. you may collect tax from 1st nov onwards. Next year,if < than 10 lakhs exempted otherwise taxable for entire amount. N.B:- For this purpose amount billed is to be considered and not amount received.
CAclubindia
