Ostroff, Fair and Company
*Ostroff, Fair and Company>>>India Taxes

My income is less than rs.1oo,ooo/- p.a. i am a professional. am i supposed to pay service tax?


i am told the min. limit for service tax is rs.4 lakh.p.a.

I will ask mr.chidambaram and let u know
If your income is less than 400000/- then u have no need to pay service tax. but u r a registered professional then u have to submit u'r return
Let me make all clear!
Income i.e. Net profit is below Rs.100000 - NO INCOME TAX
Sales / Gross receipts below Rs.300000 - NO SERVICE TAX, NO SERVICE TAX REGISTRATION
Sales / Gross receipts above Rs.300000 but below Rs.400000 -NO SERVICE TAX, BUT SERVICE TAX REGISTRATION IS REQUIRED
Sales / Gross receipts above Rs.400000 - SERVICE TAX HAS TO BE CHARGED, COLLECTED, REMITTED, SERVICE TAX REGISTRATION IS ALSO OBVIOUSLY REQUIRED.

If you want further help, let me know at sanjay_kadel@yahoo.co.in
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