Basic Exemption under Service Tax is not basic

Generally, it is understood that no service tax is payable, if a person™s taxable service turnover does not exceed Rs 10 lakhs in a financial year.  Basic emption  is given under taxation law and other laws to ensure that a person does not suffer undue hardship in complying with applicable legal requirements. For example, basic… Read More

Tags: Capital good, Fiscal year, Income tax, Income Tax Act, Payment, Service Provider, Tax, Tax exemption