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Tds on property

This query is : Resolved

dharmvir kumar (Querist)
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05 August 2015 YOU ARE THE ACCOUNTANT OF X LTD WHO HAS GIVEN ITS PROPERTY ON RENT @ RS.20000 PER MONTH TO Y LTD WHO HAS DEPOSITED SECURITY OF RS.500000 WITH X LTD BEARING INTEREST @ 12% P.A,

YOU HAVE RECEIVED A CHEQUE OF RENT FROM Y LTD FOR THE MONTH OF APRIL AFTER ADUSTING INTEREST ON SECURITY DEPOSIT. X LTD AND Y LTD. MAINTAINS ITS CURRENT ACCOUNT IN PUNJAB NATIONAL BANK AND STATE BANK OF INDIA RESPECTIVELY.

RATE OF TDS ON RENT AND INTEREST IS 10%

RATE OF SERVICE TAX IS 14%

PASS ALL ENTRY WITH RECEIPT OF THE CHEQUE

Amol S Joglekar

Amol S Joglekar (Expert)
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05 August 2015 Can you please clarify if the RENT is inclusive of service tax?

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