- What is the difference between income tax and service tax
- In income tax, you pay tax only when you have income, that
too after deducting all business expenses, sales promotion
expenses, miscellaneous expenses etc. but in service tax,
you pay on gross amount and at times are out of pocket. In
rethinking, it appears as if we are doing service to the tax
department by paying service tax. Which is not a taxable service.
People talking in Service Tax Department
- At times rain, god act as our source for higher revenue
- How?
- You see, our targets will boost up now following heavy rains
in Mumbai.
- But how?
- See, cleaning services, maintenance and repairs services,
property management services, construction services all will
be in full swing and so will be our targets, _ _ _ _without
any work.
- Who knows, even our promotion gets out of turn.
Service tax is the tax of future
- One of the business auxiliary service providers died and
while he was being interviewed at the gate of heaven, he was
asked as to what he would like to be in next birth.
- He said, Oh God, I am prepared to be any body but not a
service provider because in this life I faced and paid service
tax only for three years but next time, I’ll have to
pay for whole of my life. They rightly say, service tax is
the tax of future.
A question in General Knowledge Test
What is biggest of the all –
Service tax and Exemption Scheme
A recent advertisement by a corporate house inviting professionals on retainership basis reads as under :
"Wanted
------------------------------------------
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Those having aggregate value of taxable services in excess of Rs. 4 lakhs per annum need not apply"
(----- just to save on 10.2 percent added cost of service tax)
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