Service tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 we have recd the rent of immovable property gross amt. rs. 205000 per mth and tds deduct by tenent 20500 please tell us the our service tax liability and amt.

CA Vikas Acharya

CA Vikas Acharya (Expert)
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20 May 2013 your tax liability on gross amount of 205000 @ 12.36%

but as per SSP exemption upto amount of Rs 10 lacs no tax need to be paid if you paying service tax for the first time in the financial year.

tds will be on same as before.

Note : for the residential property given for residential purpose no service tax applicable. (negative list)

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 THANKS FOR REPLY

BUT WE HAVE RECEIVED THE RENT 205000 PER MTH FOR 12 MTH i.e 205100 X 12 = 2461200 in f.y. 2011-12 and tds ded. @ 10% pl tell us the bifercation of service tax

CA Vikas Acharya

CA Vikas Acharya (Expert)
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20 May 2013 you are liable even since then, but if you haven' paid as follows:
u should pay tax for 11-12 on 2461200-1000000 = 1461200 x 12.36% and from 12-13 on all the amount receiced.

(but on earlier year 11-12 interest and penalty is also chargable)

then you should try for vces scheme.

https://www.caclubindia.com/news/voluntary-compliance-encouragement-rules-2013-13024.asp

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