Renting of immovable property
This query is : Resolved
13 April 2013
1. What is the method of making a rent bill?
2.Is total bill alongwith Service tax is to be considered for income tax purposes?
3.Service tax is payable on rent recieved or rent due. Please guide.
2.Is total bill alongwith Service tax is to be considered for income tax purposes?
3.Service tax is payable on rent recieved or rent due. Please guide.
16 April 2013
make bill as:
service value *****
service tax ****
@ 12.36 %
--------
total
yes total to be considred,
but when the payer will deduct tds he will deduct only on service value and not on service tax portion under section 194I
point of taxation rule will be applicable, hence:
if bill made within 30 days of due date:-
bill date or money received date whichever is earlier.
if bill is not made in above time limit
due date or money received whichever is earlier.
and in case of advance, from the date of advance.
Note: in case of individual/partnership if aggregate value of services is upto 50 lakhs in the previous year then as per rule 6(1) of service tax rules the SP has option to pay service tax on receipt basis upto 50 lakh of service this year.
Note : residential property given on rent for residential purpose is exempt
service value *****
service tax ****
@ 12.36 %
--------
total
yes total to be considred,
but when the payer will deduct tds he will deduct only on service value and not on service tax portion under section 194I
point of taxation rule will be applicable, hence:
if bill made within 30 days of due date:-
bill date or money received date whichever is earlier.
if bill is not made in above time limit
due date or money received whichever is earlier.
and in case of advance, from the date of advance.
Note: in case of individual/partnership if aggregate value of services is upto 50 lakhs in the previous year then as per rule 6(1) of service tax rules the SP has option to pay service tax on receipt basis upto 50 lakh of service this year.
Note : residential property given on rent for residential purpose is exempt
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- RATE AND HSN CODE
- Taxability of Partnership firm for FY 2025-26
- Portuguese Civil Code IT Return
- TDS AND ITR ISSUE
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- LIC maturity claim whether taxable
- HOUSING LOAN ISSUE
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
