service tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 October 2010
what is abatement of the service tax.full means of abatment
Ajay Mishra
(Expert)
07 October 2010
Hi
Abatement refers to a reprieve from or reduction in a debt, tax or other payment obligation faced by an individual or company. The most common form of abatement is tax abatement. Tax abatement is also an incentive utilized by cities to encourage the redevelopment of distressed areas by providing real property tax abatement and eminent domain. Another type of abatement is that related to the payment of rent. If a building is destroyed by fire, water damage or another accident, a renter is usually granted abatement from making rental payments. A lesser known form of abatement is penalty abatement, commonly associated with the Internal Revenue Service (IRS). Penalty abatement can help an individual or business reduce or eliminate an IRS penalty and/or interest. To request penalty abatement from the IRS, certain requirements must be met. For example, penalty abatement might be granted if a business or individual is able to prove reasonable cause as to why they were unable to meet their tax obligations.
Regards
Abatement refers to a reprieve from or reduction in a debt, tax or other payment obligation faced by an individual or company. The most common form of abatement is tax abatement. Tax abatement is also an incentive utilized by cities to encourage the redevelopment of distressed areas by providing real property tax abatement and eminent domain. Another type of abatement is that related to the payment of rent. If a building is destroyed by fire, water damage or another accident, a renter is usually granted abatement from making rental payments. A lesser known form of abatement is penalty abatement, commonly associated with the Internal Revenue Service (IRS). Penalty abatement can help an individual or business reduce or eliminate an IRS penalty and/or interest. To request penalty abatement from the IRS, certain requirements must be met. For example, penalty abatement might be granted if a business or individual is able to prove reasonable cause as to why they were unable to meet their tax obligations.
Regards
Ajay Mishra
(Expert)
07 October 2010
Hi
Please go to the following link:
https://www.caclubindia.com/forum/list-of-abatement-on-service-tax--49424.asp
Please go to the following link:
https://www.caclubindia.com/forum/list-of-abatement-on-service-tax--49424.asp
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