Exemption limit for service tax

AMIT KHURANA (Professional) (124 Points)
Replied 27 February 2008

on additional 2 lakh only.

ravellashyam (Tax Adviser) (38 Points)
Replied 27 February 2008

service tax is exempt upto 8 lacks in the last 12 months period and not the previous years or if our estimated turnover on newly started business is more than 8 lacks we have to get retistrations by applying in form no.ST-1

but the service tax people are insisting on the payment of service tax on whole 8 lacks before registration

CA O.P. SINGH (O P Singh & Co.) (426 Points)
Replied 28 February 2008

it will be only on receipt exceeding 8 lakh

Rakesh (Asst Manager) (209 Points)
Replied 28 February 2008

it ll be on the additional receipt of 2 lakhs only

CA Hemant T Dewani (Chartered Accountant) (3356 Points)
Replied 28 February 2008

in the f y 07-08 if your receipt is in excess of rs 8 lk then you are liable to service tax and your services are including of service tax if you are not charged seperatly service tax but in the following year your tax liability is from first rs.eight lakhs exemption is not available to you to the subsequent year

CA. Kirti S. Ganatra (Service) (1461 Points)
Replied 28 February 2008

It is to be charged on 2 Lakh

Aditya M (Student) (166 Points)
Replied 28 February 2008

on 2 lakhs

C.Giridhar Krishna (CA Final Student) (85 Points)
Replied 28 February 2008

Can I have the section for exemption limit for service tax? Another issue is, the rent for the Financial Year 2007-08 as per the agreement is Rs. 18 lakhs. The agreement is entered during the month of June 07 in the name of Mr. X. Mr. X died on August 07 and the rent is received by his son Mr. Y thereafter. Should Mr. Y include in his taxable service the amount received by Mr. X also for charging service tax? Please reply

C.Giridhar Krishna (CA Final Student) (85 Points)
Replied 28 February 2008

Can I have the section for exemption limit for service tax? Another issue is, the rent for the Financial Year 2007-08 as per the agreement is Rs. 18 lakhs. The agreement is entered during the month of June 07 in the name of Mr. X. Mr. X died on August 07 and the rent is received by his son Mr. Y thereafter. Should Mr. Y include in his taxable service the amount received by Mr. X also for charging service tax? Please reply

C.Giridhar Krishna (CA Final Student) (85 Points)
Replied 28 February 2008

Can I have the section for exemption limit for service tax? Another issue is, the rent for the Financial Year 2007-08 as per the agreement is Rs. 18 lakhs. The agreement is entered during the month of June 07 in the name of Mr. X. Mr. X died on August 07 and the rent is received by his son Mr. Y thereafter. Should Mr. Y include in his taxable service the amount received by Mr. X also for charging service tax? Please reply

(Guest)

Dear Sir,

I want to know that if I want to deposit service tax on rent income.

what I filled service tax code in TR-6 challan.

thks./regds.

Sachin

(Guest)

Service tax on rent exemption limit of Rs. 10 lacs wheather it's on the collection of rent during the financial year or on the total income of Rs. 10 lacs (Total income = Business income + rental income).