TaxTMI 
TaxTMI 
TaxTMI 
Exemption limit
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....xemption limit<br> Query (Issue) Started By: - hari kasiviswanathan Dated:- 29-1-2011 Last Reply Date:- 29-1-2011 Service Tax<br>Got 1 Reply<br>Service Tax<br>A chartered accountant has rendered taxab....
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....le services for a value of rs. 9 lacs. In the same year he gets a bank audit assignment which would take his taxable service beyond the threshold of 10 lacs. In this case, how will he raise a bill for....
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.... the bank audit services because a portion of the bill would be within the threshold and balance only would actually be taxable. However, to the bank, you have to intimate whether you are liable for s....
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....ervice tax or not and levy service tax if it is applicable.What is the methodology for raising the bill, filing returns and payment of tax as you would have collected service tax on the total bill val....
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....ue and not on the amount exceeding the threshold. Learned forum members views solicited.Thanks Reply By Seetharaman K C: The Reply: The bill can be raised for the full amount whereas service tax sho....
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....uld be calculated only on the balance amount i e the balance remaining after the threshold limit is exceeded, in this case the amount of the bank audit fees less 1 lakh ( balance of threshold exemptio....
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....n remaining). To clarify the situation a note can be appended to the bill stating that service tax has been calculated on the balance taxable amount after availing the threshold exemption.<br> Discuss....
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