Charitable trust renting of immovable property service

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2016 Sir,

Let me have your opinion regarding Service Tax payable on my rental income. My rental income for the year ended 31-03-2015 was Rs.8,50,000 lakh for commercial let out premises.

Now this current Financial year ending 31-03-2016, the aforesaid rent touches Rs.10,64,000/-. I registered myself under Service Tax Registration in January 2016. I have to pay Service Tax. So please give me your opinion as to how much amount I have to pay towards Service Tax. My relative who is an accountant says to pay Service Tax @14.5% being Rs.9,280/- on the excess sum of Rs.64,000/- over Rs.10 lakh before 31-03-2016 and file Service Tax Return in Form ST-3 before 25-04-2016. Please give me your view is it correct.

Thanks & Regards,
V. KUMARAN
KARAIKUDI

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 February 2016 He is right, for the first year you have to pay service tax on excess sum of Rs. 64,000. From next year you have to pay service tax on full amount. File service tax return as suggested.

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