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TMI BlogExemption limitX X X X Extracts X X X X X X X X Extracts X X X X ..... Exemption limit X X X X Extracts X X X X X X X X Extracts X X X X ..... ble 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 fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... service 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 va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue 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 sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould 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 exempti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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. X X X X Extracts X X X X X X X X Extracts X X X X ..... sion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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