22 October 2010
my company IS small software company i have done project for a american company now i have to get the payment for my project which i have done .it will be around 20 lakhs . now i need to pay service tax for only 10 lakhs because this is for first time iam doing project .please guide me about the incometax & service tax . what should i do now.
1. there is basic exemption 10 lakh is till when you crossed above the exemption limit then only the st is appplicable. 2. export of service to the other countries service tax is exempted 3.only when the service is exported & payment received from INDIA then service tax is applicable. 4. ST payable only on received or realised amount not on entiire billed amount.
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