20 October 2011
We are the Chartered Accountant Firm. In FY 2010-11 I receipt fee for Rs. 1305000/-and I pay the Service Tax on Rs. 305000/- Now the my question is in FY 2011-12 suppose I receipt Professional Fees for Rs. 1435000/-then what is the service tax applicability? We are not issue Professional Fees Bill till 10/10/2011 and we Receipt Professional Fees Rs. 6000/- in May-2011. We can take Rs. 10 lakhs exemption in FY 2011-12. Kindly give the suggestion.
20 October 2011
The basic exemption in service tax is available in the first year only unlike in the income tax. So, u have availed exemption in FY 2010-11, now u can't take exemption in FY 2011-12 as well. U have to pay service tax even if ur professional receipts are less than Rs. 10 lakh in 2011-12
CAclubindia
