Sevice tax exemption :reg.

dinesh bhatia (individual (tax payer)) (35 Points)

25 April 2016  
PROPERTY WAS RENTED OUT FOR COMMERCIAL PURPOSE ON 01/04/2014 FOR A MONTHLY RENT OF RS. 1,15,000/-. AFTER CROSSING THE A LIMIT OF RS. 10 LAKHS. I GET MYSELF REGISTERED WITH SERVICE TAX DEPARTMENT. PAYING SERVICE TAX AT APPLICABLE RATES TO THE DEPARTMENT AND ALSO FILING MY RETURNS ACCORDINGLY. NOW, WE HAVE REDUCED THE RENT OF THE SAID PROPERTY, DUE THE THE DOWNFALL IN THE MARKET, FROM RS. 1,15,00/- TO 80,000/- PER MONTH w.e.f. 01/04/2016. MY QUERY IS WHETHER I AM EXEMPTED FROM PAYING THE SERVICE TAX BECAUSE IN THIS FINANCIAL YEAR LIMIT OF RS. 10 LAKHS WILL NOT CROSS THOUGH THE PREVIOUS YEAR'S RENT WAS MORE THAN 10 LAKHS. IF I AM EXEMPTED FROM THE SAME PLEASE INFORM ME THE RELEVANT NOTIFICATION NO. AND DATE. THANKS WITH REGARDS DINESH BHATIA