Last year the limit of yearly income was four lakhs.
2007-02-28 16:08:59 · 4 answers · asked by AMRIK P 2 in Business & Finance ➔ Taxes ➔ India
First, the amount considered to levy service tax is not income but turnover of services or receipts from services. Income is what is left after one deducts expenses from sales/ service receipts.
This year proposed basic exemption limit as per Finance Bill 2007 is Rupees Eight Lakhs. This was announced by the Finance Minister in Budget Speech on February 28th, 2007. But the bill is yet to be passed, so dont be surprised if this amount changes ( but that will be exceptionally rare case ).
Again 8 lakhs is for turnover / service receipts not income.
Thanks many !
2007-02-28 17:12:02 · answer #1 · answered by akash_sky 2 · 0⤊ 0⤋
Rs 1.1 Lakhs.
2007-03-01 00:14:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
wait only yesterday the budget announced for this year let the finance minister understand thoroughly the intellectuals will answer your problem.
2007-03-02 05:57:36 · answer #3 · answered by GAUTAM K 2 · 0⤊ 0⤋
50000 per month
2007-03-01 01:16:23 · answer #4 · answered by ruchi s 3 · 0⤊ 0⤋