02 January 2015
Rent Received from shop No.1 69000*12 = 828000/- shop No. 2 25000*12 =300000/- Total 1128000/- Till 3rd Qtr income is 846000/- Income becomes Taxable in 4th Qtr total income 1128000 -less-property tax paid for the year 43200/-= Txble Incm 84801/- Service tax on whixh is 10481/-. how charge this ST in the Bills?????? monthly from Jan to march or @ the ned of the year. thnx
02 January 2015
but on which amount how to calculate ?????????????? not clear 69000+25000 or less property tax ?????? how to charge ST of Rs. 10481 on 84801/-???????
03 January 2015
Total Income for the 1st yr. is 1078680/-Less Threshhold lmt 10lcs = 78680/- less property tax paid 35481/-= 35481/- is taxable Amt tax @12.36%= 4385/- two people involved 69890+20000 rent.how to allocate this tax 4385/- between two people for the first yr. in the Invoice. thnx priya
03 January 2015
You just do one thing sequence your bilings for the whole year. The bill due to which the amount of taxable vvalue exceeds Rs 10 lacs, charge service tax on the whole value of that bill.
03 January 2015
thnx sir how did u arrive the figures 3410 & 975????? but can i use the whole year's Property tax paid 35481/- for the one month rent receipts 69890+20000???????????
03 January 2015
thnx alot sir but then total receipts after threshold limit is 78680( 1078680-1000000=78680).so taxable amt is 78680-property tax paid 43200. so net taxable amt is 35481/- so the tax @12.36% is 4385/- Now rent received for March15 is 69890+20000/- my questin is how to allocate this 4385/-ST to the rent receipts. u have considered the amt 89890/- actually u should consider the taxable amt 35481/-. can utilize the property tax paid for 12 months against march liability???????? if u can plz send me ur email id i will send u the working in excel. priya
04 January 2015
I have allocated it proportionately based on the monthly rent paid. Property tax has been deducted on the total 12 months rent not on March rent(revise your calculation). Only service tax is charged in March rent.
06 January 2015
now my income is taxble under ST Act. what are the sources(expenses can i generate ) where i can get input on service tax. thnx regards priya
07 January 2015
Any input service tax paid for earning out put services you can claim cenvat credit. For earning rental income I think you will not pay any input service tax.
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