Point of taxation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2014 WHAT WILL BE POINT OF TAXATION IF MY GROSS RECIEPTS ARE BELOW 50 LACS IN A YEAR?

WHETHER I CAN OPT FOR RECIEPT BASIS FORMULAE?
KINDLY MENTION THE SECTION OR RULE ALSO.

MOHAMMAD SALIM

MOHAMMAD SALIM (Expert)
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03 October 2014 Rule 3 of POT rules not apply when in case of individual or a partnership firm if the aggregate value of service provided in the previous FY does not exceed Rs 50 lakhs and can opt fro receipt basis POT....

MOHAMMAD SALIM

MOHAMMAD SALIM (Expert)
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03 October 2014 The above has been stated in Third proviso to rule 6 of Service tax Rules, 1994...

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Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2014 Thanks bhai

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2014 SIR ONE THING MORE PLEASE
IF MY GROSS RECIEPTS REMAIN LESS THAN 50 LACS FOR EVERY YEAR , THEN CAN OPT FOR RECIEPT BASIS UNTIL MY GROSS RECIEPTS EXCEED 50 LACS.

MOHAMMAD SALIM

MOHAMMAD SALIM (Expert)
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04 October 2014 Yes.... the benefit can be availed each year till gross receipts do not exceed Rs 50 lakhs...

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2014 Thanks ..............