22 August 2015
My son is running a coaching center for the past 1 year imparting training on digital marketing. He has trained 200 students so far. Total Fees collected so far is about 15 lakh. He has to pay office expenses, salaries to trainers and marketing people. He is not employed anywhere and would like to file IT Returns. In addition to IT whether he has to pay service tax? If yes then how much % and on what amount? Please guide me.
22 August 2015
For the first year he has to pay service tax at 12.36% on 5 lacs( amount exceeding 10 lacs). From next year tax payable on full fees. From 01/06/2015 14% service tax payable.