Service tax on rental income of the property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2014 My Client Town Municipal Council Authority is receiving rental/leased income from its let out properties to the Tenants for the financial year 2010-11---RS.9,50,000/-
2011-12- RS.10,50,000/-
2012-13--Rs.12,50,000/-
for the financial year 2013-14 Rs.13,56,000/-
what is the Service Tax to be payable for both the years by the TMC ? WHAT IS THE EXEMPTION LIMIT ? KINDLY ENLIGHTEN ON SUCH POINTS FOR SERVICE TAX
WHAT IS THE BASIC EXEMPTION LIMIT UNDER SERVICE TAX

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

19 December 2014 Only for the first year of income exceeding 10 lacs basic exemption of 10 lacs is available. From next year on wards service tax has to be paid on full amount.
Service tax payable on :
2011-12 50,000.
2012-13 12,50,000.
2013-14 13,56,000.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

20 December 2014 For the Financial Year Services Tax need to be paid at the rate of 12.36%
2012-13 12,50,000
2013-14 13,56,000

No exemption is available since exemption of small service tax provider is already consumed in financial year 2011-12

Rupesh Jain

Rupesh Jain (Expert)
Follow

20 December 2014 you have to pay the tax @ 12.36% of the rent amount.
for 2012-13 & 2013-14

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MURALIKRISHNA EDDANAPUDI

Ashutosh Purohit

K.S. ANANTHARAJAN

Rasheed Mohd Abdul

Ravi

Subscribe Now

Service tax on rental income of the property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

Accountant

GST CONSULTANT