Income Tax on Rental Income

Dear Sir,

Need your help in resolving few queries and below are our facts

We have recently let out to shops and are getting Rs 15 lacs as annual rent. This would be the first time that we will be filing the Income Tax and would appreciate if you can help us with getting the below queries resolved.

1. On the rental income of Rs 15 lacs after standard deduction of Rs 2.25 lacs ( its the name of male senior citizen ) would the net taxable income is 12.75 lacs?

2. For repairs can we deduct 30% (Rs 3.825 lacs ) of the net taxable income? Do we need to show bills / receipts for the repairs?

3. I think there is a 12.33% service tax component also attached. How should we compute this service tax? and when should we pay the service tax?

4. Can you help us compute the final income tax and by when we should be paying this tax?

5. Is there any tax calculator that fits our purpose. if yes please point me towards that..

thanks a lot in advance for your help

Originally posted by :Pavania
"	Dear Sir, Need your help in resolving few queries and below are our facts We have recently let out to shops and are getting Rs 15 lacs as annual rent. This would be the first time that we will be filing the Income Tax and would appreciate if you can help us with getting the below queries resolved. 1. On the rental income of Rs 15 lacs after standard deduction of Rs 2.25 lacs ( its the name of male senior citizen ) would the net taxable income is 12.75 lacs? 2. For repairs can we deduct 30% (Rs 3.825 lacs ) of the net taxable income? Do we need to show bills / receipts for the repairs? 3. I think there is a 12.33% service tax component also attached. How should we compute this service tax? and when should we pay the service tax? 4. Can you help us compute the final income tax and by when we should be paying this tax? 5. Is there any tax calculator that fits our purpose. if yes please point me towards that.. thanks a lot in advance for your help	"