Service tax
This query is : Resolved
Aman Bhatia
(Querist)
22 August 2015
If any Person Has A Business Of Giving His Property On Lease And HaS Given His Property On Lease To Bank Will He Charge Service Tax From Bank Or Not Please Reply??
Ishan Shah
(Expert)
22 August 2015
Dear Aman,
Good day...!!
The govt. has included SERVICE TAX ON RENT ING OF IMMOVABLE PROPERTY in Declared Services while introducing the Negative List of Services in Service Tax (w.e.f. July 1, 2012)
Declared Services means: services which would be deemed to be a service (whether it is a service or not) and service tax payable on them.
In view of the above changes, Service tax is said to be applicable on renting of immovable property, except in the below mentioned types:
• Renting of vacant land, relating to agriculture
• Renting of residential dwelling units for use as Residence
• Renting out any property by the Reserve Bank of India
• Renting out any property by a Government or local authority to a non-business entity
Applicability of Service Tax: Service tax in mandatory, if the total value of services provided by service provider exceeds the threshold limit of Rs. 10.00 lacs p.a. If the total value of services provided by the service provider is less than Rs. 10.00 lacs, service provider not mandatorily liable to pay service tax.
Good day...!!
The govt. has included SERVICE TAX ON RENT ING OF IMMOVABLE PROPERTY in Declared Services while introducing the Negative List of Services in Service Tax (w.e.f. July 1, 2012)
Declared Services means: services which would be deemed to be a service (whether it is a service or not) and service tax payable on them.
In view of the above changes, Service tax is said to be applicable on renting of immovable property, except in the below mentioned types:
• Renting of vacant land, relating to agriculture
• Renting of residential dwelling units for use as Residence
• Renting out any property by the Reserve Bank of India
• Renting out any property by a Government or local authority to a non-business entity
Applicability of Service Tax: Service tax in mandatory, if the total value of services provided by service provider exceeds the threshold limit of Rs. 10.00 lacs p.a. If the total value of services provided by the service provider is less than Rs. 10.00 lacs, service provider not mandatorily liable to pay service tax.
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
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Employee secondment
- GSTR9 Annual Return
- Rent agreement of House of deceased person
- Capital gain on commercial property and investment in residential property
- Rectification under processing even after 6 months cpc portal
- Gift to nri relatives resides in usa
- Form 144 TDS Return Validation error
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
