Corporation tax, service tax &tds on rent
Querist : Anonymous
1. Service Tax is charged after deducting the Corporation taxes. Whether is it correct?
2. TDS deducted on Rent (including Cororation taxes and After deducting Service tax from Rent) Whether is it correct?
3. What is the abatement for Cateering services
Yes, your observation is correct. No TDS on service tax component - circular no4/ 2008 dated 28.4.2008
Notification No.24/2007-Service Tax, dated 22.05.07 exempts taxable service provided by any person in relation to renting of immovable property from service tax equivalent to service tax payable on the amount of property tax, actually paid by the service provider to the local authority. In other words, service tax is payable on the rental amount received less the actual amount of property tax paid.
Querist : Anonymous
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