Club or Association Servics
This query is : Resolved
24 April 2009
Assessee is a Maintenance cooperative socity. It collects life time maintenance deposit at once, say at 12% of price of premises.Therefore, the amount maintenance deposit payable in first year is far exceeding Rs.3,000 per person/premises. It will earn interest on deposits and meet its expenses from it.
Whethe service tax will be applicable on lifetime deposits collected first year ? Will there be any tax liability in subsequnty years assuming society will not collect any deposit exceeding Rs.3000 in subsequent years ?
Whethe service tax will be applicable on lifetime deposits collected first year ? Will there be any tax liability in subsequnty years assuming society will not collect any deposit exceeding Rs.3000 in subsequent years ?
26 April 2009
The circular says it is 3000/ per month and not per year on annulaised basis
This should be collected separately under advance showing break up to establish that it is not 3000 per month but collected on annualised basis.
This should be collected separately under advance showing break up to establish that it is not 3000 per month but collected on annualised basis.
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