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
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
(Expert)
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.
Service tax payable on :
2011-12 50,000.
2012-13 12,50,000.
2013-14 13,56,000.
CA Kumar Mukesh
(Expert)
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
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
(Expert)
20 December 2014
you have to pay the tax @ 12.36% of the rent amount.
for 2012-13 & 2013-14
for 2012-13 & 2013-14
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