Budget 2011-12 – Relief from audit to Service tax Payers

Union Finance Minister Sh. Pranab Mukherjee has proposed to free all individual and sole proprietor service tax payers with a turn over to Rs. 60 lakh from the formalities of the audit. It has been observed that the number of assesses in service tax has grown manifold and a large number of them comprise individuals or sole proprietors with small turnovers. Any audit at their premises tends to dislocate their activities for the duration of the audit. It has also been proposed to give the benefit of three percentage points in interest on delayed payment to these service tax payers.

Related posts:

1. Budget 2011- FM to present Budget on Feb 28; Industry and tax-payers hopeful
2. DTC unlikely to give much relief to income tax payers, Proposed Tax Slab may be lowered
3. Budget 2010-11- Key proposals impacting individual tax payers
4. Budget 2010-11- New Simplified ITR form ‘Sugam’ to be introduced for small tax Payers
5. March payments: TDS relief for tax-payers