Arrears of property tax paid is allowed for calculation of
This query is : Resolved
18 May 2013
Friends please tel me urgent
is payment of property tax paid is allowed for calculation of service tax
example
property tax due for 4th quarter 2010-11 is paid in next year 2011-12 1st quarter. in that
2011-12 for calculation of service tax is allowed ??? arrears of property tax paid in 1st quarter .
please reply
urgent friends.
is payment of property tax paid is allowed for calculation of service tax
example
property tax due for 4th quarter 2010-11 is paid in next year 2011-12 1st quarter. in that
2011-12 for calculation of service tax is allowed ??? arrears of property tax paid in 1st quarter .
please reply
urgent friends.
18 May 2013
No. Please refer NN 29/2012. Payment of property tax for the relevant period only be deductible.
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18 May 2013
Is it for adjusting the property tax value from renting on immovable property?, as the query is not clear.
Any property tax paid can be adjusted from rental income for remitting the service tax. The Act allows it but the term "arrear" is not mentioned.
Notn: 29/2012 dt 20.06.12 Example quoted in the Notn:
Property tax paid for April to September = Rs. 12,000/-
Rent received for April = Rs. 1, 00,000/-
Service tax payable for April = Rs. 98,000/- (1, 00,000 -12,000/6) * applicable rate of service tax
2. This notification shall come into force on the 1st day of July, 2012.
Any property tax paid can be adjusted from rental income for remitting the service tax. The Act allows it but the term "arrear" is not mentioned.
Notn: 29/2012 dt 20.06.12 Example quoted in the Notn:
Property tax paid for April to September = Rs. 12,000/-
Rent received for April = Rs. 1, 00,000/-
Service tax payable for April = Rs. 98,000/- (1, 00,000 -12,000/6) * applicable rate of service tax
2. This notification shall come into force on the 1st day of July, 2012.
18 May 2013
Rengaraj sir
in that case property tax of Rs. 24000 (Apr-March)but only Rs 8000 only paid in that year remaining balance paid in next year in that case how service tax we can calculate
is Rs. 24000 allowed for that year
or
only Rs. 8000 is allowed for deduction of property tax.
please suggest
in that case property tax of Rs. 24000 (Apr-March)but only Rs 8000 only paid in that year remaining balance paid in next year in that case how service tax we can calculate
is Rs. 24000 allowed for that year
or
only Rs. 8000 is allowed for deduction of property tax.
please suggest
27 July 2013
Whatever paid during the year is eligible for deduction. Rs.8000 can be calculated for next year.
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