SERVICE TAX ON RENT

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rajeev khulbe (Querist)

30 May 2010 SIR PLZ TOLD ME HOW MUCH SERVICE TAX ON RENT AND WHAT PERCENTAGE.ANY DEDUCTION IN RENT AS PAR MY KNOWLEDGE UPTO 120000 RENT NOT TAXABLE. SIR IT IS CORRECT IF WRONG PLZ CLEAR MY DOUBT.
REGARDS
RAJEEV

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

30 May 2010 SERVICE TAX RATE. 10.3%

TDS RATE W.E.F 01.10.09 10%

LIMIT RS.120000/- P.A.

REVISED LIMIT W.E.F 01.07.2010 RS.180000/- P.A.

CA Ravi Kumar Murugesh

CA Ravi Kumar Murugesh (Expert)

31 May 2010 No income tax is required to be deducted at source if the aggregate amount of rent credited/paid or likely to be credited/paid to a single payee during the financial year does not exceed Rs.1,80,000/- from 1.7.2010 (previously it was Rs.1,20,000).
Rates at which tax is required to be deducted:
1.Use of Machinery, Plant or Equipment: 2%

2.Use of any land or building including factory building or land appurtenant to a building including factory building or furniture or fittings :10%

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