Can anyone tell me the limit of Professional fees on which
service tax is to be charged?
Answer / ankit jain
from AY 2008-09, the exemption is upto first 10 lacs RS
instead of Rs. 8 Lacs as was earlier
| Is This Answer Correct ? | 7 Yes | 2 No |
is there any input-output benefit against service tax like vat or not?
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Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
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