08 April 2008
If an individual providing a service to company and not charging service tax. this is ok or not. his annual billing is Rs.1050000 (Ten Lakh Fifty Thousand) in 2007-08. Till what amount is non taxable. What is threshold limit because i have received 2 ans both of them r right but i dont know the meaning of threshold limit
08 April 2008
FOR FIN. YEAR 2007-08, THE EXEMPTION LIMIT UNDER SERV. TAX ACT WAS RS EIGHT LAKHS P.A. SO ONE HAS TO REGISTER UNDER SERV. TAX ACT AS SERVICE PROVIDER AND BILL THE SERV. TAX@12.36%OF GROSS BILLING FOR THE TAXABLE SERVICE AND COLLECT AND DEPOSIT THE SAME BESIDES FILING SERV. TAX RETURN ON HALF YEARLY BASIS. FOR FIN. YEAR 2008-09 , THE BUDGET HAS INCREASED THE EXEMPTION LIMIT FOR SERV. TAX TO RS. TEN LAKHS P.A. R.V.RAO
08 April 2008
THE THRESHOLD LIMIT FOR REGISTRATION UNDER SERV. TAX ACT FOR 2007-2008 WAS RS. SEVEN LAKHS . FOR THE FIN. YEAR 2008-2009, THE THRESHOLD LIMIT FOR REGN. UNDER SERV. TAX ACT IS RS. NINE LAKHS. R.V.RAO
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