Service tax on rent
This query is : Resolved
01 January 2015
Hi All
Being an Individual my rent receipts from 4 commercial shops is 11lacs.for Service Tax calculation, should i consider STD Deduction u/s 24 @30% ????? Property Tax paid is 44120/- should i go for ST Registration??????? how to calculate ST in the bills??
thnx
priya
Being an Individual my rent receipts from 4 commercial shops is 11lacs.for Service Tax calculation, should i consider STD Deduction u/s 24 @30% ????? Property Tax paid is 44120/- should i go for ST Registration??????? how to calculate ST in the bills??
thnx
priya
01 January 2015
You have to go for ST registration. Service tax is to be paid on gross receipts no deduction u/s 24 allowed. For the first year you have to pay service tax on 1 lac(amount exceeding 10 lacs) next year on wards service tax payable on full amount.
01 January 2015
thnx
but i came to know that u can deduct Property tax paid from the annual income.
thnx
priya
but i came to know that u can deduct Property tax paid from the annual income.
thnx
priya
01 January 2015
yes. Property tax paid can be claimed as deduction.
02 January 2015
Property tax levied and collected by local bodies can be deducted from rent as per notification 24/2007.
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