Service Tax on Total Amt or Amt above Rs. 10 Lakhs?

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  1. immanuel

    immanuel New Member

    hai this financial year my income crosses 9.5lks and and i didn't pay service tax because i didn't cross 10lks , if i cross the income of 10lks whether i have to pay service tax for the whole amount or i have to pay only for the amount after 10lks.
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    For the 1st year, you would be required to pay Service Tax only the amount that exceeds Rs. 10 Lakhs

    However, from next year onwards - you would be required to pay tax on the total amount.
     
  3. immanuel

    immanuel New Member

    thanks from that 9.5lks i have paid 7lks as a commission wheather i have to deduct tds for the amout i paid pls advice
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    As far as deducting TDS is concerned, it depends on whether you are liable to tax audit or not.

    And as your turnover is less than the specified limits - you wont be required to deduct TDS on payments.
     
  5. immanuel

    immanuel New Member

    as an individual wheather i have rights to dedut tds
     
  6. immanuel

    immanuel New Member

    i applied for the service tax no but my auditor told that i have pay service tax for the entire amount and there is no slab for service tax
     
  7. Parul_Gupta

    Parul_Gupta Active Member

    There is no slab rates in service tax.
     
  8. immanuel

    immanuel New Member

    last year my turn over crosses 10lk but i didn't pay any service tax because i didn't have a service tax no ,only now i have applied for service tax no because it reached 9.5lks so early
     
  9. Parul_Gupta

    Parul_Gupta Active Member

    As far as TDS deduction is concerned - If your expected turnover in the current year is less than Rs. 25 Lakhs/ 1 Crore, Tax Audit wont be applicable in your case and therefore you are not required to deduct TDS.
     
  10. immanuel

    immanuel New Member

    Then how I will show this amount into my account book as a income if I show as an income I have to pay income tax on higher slab pls advice
     
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