12 April 2008
Hi all, I want to know if one professional person whoes annual income 9.80 lac (less than 10 lac limit) so, he did not take service tax from client & in the end of the year his annual reciept cross limit of 10 lac.
Then what he do? Collect service tax from last client or our all client?
13 April 2008
Dear Ajay The limit of Service tax for the Accputing year 2007-2008 is Rs. 8.00 Lac & PRoposed 2008-2009 is Rs. 10.00 Lac
U have cross the limit & u need to raised Debit note for the parties & ask for the service Tax If u delay in payment of service tax then u r in big problem the panalty of service tax is 200% & additional interest
CAclubindia
