Sir,
I am working as a consultant delivering project management services. My income is as follows:
AY 2009-10: 9.5 Lakhs
AY 2008-09: 10.2 Lakhs
AY 2007-08: 9 Lakhs
Expected revenue for 2010 – 2011: 16 Lakhs
I have paid service tax with penalty for the AY 2009-2010 (i.e. on the 9.5 Lakhs) since I crossed 10 Lakhs mark in AY 2008-09.
Sir, I will be thankful if you could clarify the following:
i) Will I be required to pay service tax on the current year’s income of Rs. 16 Lakhs in AY 2010 – 2011 (especially since I did not cross the 10L mark in the previous year)
ii) Is it necessary for me to maintain books of accounts and get my accounts audited by a CA
Ram. SM.