Service Tax on Construction
This query is : Resolved
13 April 2010
What are the service tax liabilities of company which are doing construction, developing and infrastructure business?
13 April 2010
IF YOUR GROSS RECEIPT IS CROSS RS. 10 LACS THEN COMPANY IS LIABLE TO CHARGE SERVICE TAX @10.3%,
SERVICE TAX NOT LIABLE IN THE CASE OF CONSTRUCTION OF ROAD, DAME ETC.
SERVICE TAX NOT LIABLE IN THE CASE OF CONSTRUCTION OF ROAD, DAME ETC.
14 April 2010
Thank you very much for reply...
Suppose the residential project develops in urban area, what is the benefit of sec.80-IB of Income Tax Act., and what is the impact of service tax? Can the firm take service tax credit which paid to the contractor and professional? Give me the date of Service Tax effect.
Please give me all information in step by step.
Suppose the residential project develops in urban area, what is the benefit of sec.80-IB of Income Tax Act., and what is the impact of service tax? Can the firm take service tax credit which paid to the contractor and professional? Give me the date of Service Tax effect.
Please give me all information in step by step.
15 April 2010
IF YOU NOT CLAIM ABATEMENT OF 67% ON GROSS VALUE THEN YOU CLAIM CENVAT CREDIT.
IF YOU FULL FILL ALL THE CONDITION OF U/S 80IB THEN YOUR PROFIT OF THE SAME PROJECT IS FULLY EXEMPT.
IF YOU FULL FILL ALL THE CONDITION OF U/S 80IB THEN YOUR PROFIT OF THE SAME PROJECT IS FULLY EXEMPT.
15 April 2010
Thank you very much.....for reply me....
Please give me the detail of all condition of u/s 80-IB and I am giving you one example below; is it true?
1,00,000/- Received Flat Booking Amt.
10,300/- @10.30% Service Tax Payable
Paid to Contractor
50,000/- Bill Amt.
5,150/- @10.30% Service Tax
55,150/- Total Payment
Now my Service Tax Liability is Rs.10,300 – Rs.5,150/- = 5,150/-
Please give me the detail of all condition of u/s 80-IB and I am giving you one example below; is it true?
1,00,000/- Received Flat Booking Amt.
10,300/- @10.30% Service Tax Payable
Paid to Contractor
50,000/- Bill Amt.
5,150/- @10.30% Service Tax
55,150/- Total Payment
Now my Service Tax Liability is Rs.10,300 – Rs.5,150/- = 5,150/-
15 April 2010
YES, YOU ARE CORRECT
FOR DETAILS OF PROVISION U/S 80IB SEE BELOW LINK
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/section80ib.htm
FOR DETAILS OF PROVISION U/S 80IB SEE BELOW LINK
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/section80ib.htm
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