Eligibility of exemption limit

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Whether an assessee is eligible to claim exemption of Rs. 4.00 lacs every year as is in case of Income Tax for the exemption limit.

AI Summary

Service Tax Exemption of Rs. 4 Lakhs Tied to Previous Year's Turnover, Unlike Income Tax Exemptions An individual inquired about the eligibility for a service tax exemption limit of Rs. 4 lakhs, comparing it to income tax exemptions. The response clarified that, unlike income tax, the service tax exemption depends on the previous year's turnover. If the turnover exceeds Rs. 4 lakhs in the previous year, the exemption cannot be claimed in the current year.