LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Information on service tax

KaaVee (Partner) (24 Points)

16 September 2011

Dear All,

Would like to have the following information:

1. What is the Service Tax Rate that is applicable for a fees collection at a Coaching Institute and what frequency do we need to submit Returns.

2. Does the Income generated by way of Fees Collection from Students in a Coaching Centre (Partnership Firm) attract Income tax or any other taxes apart from Service Tax

Thanks in Advance.

Kavee

Reply
Follow
Share

8 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 16 September 2011

1. 10 % service tax + 2% Edu cess + 1% S&HS Edu Cess ( total 10.3% of gross receipts), payable quarterly, return half yearly.

2. income tax is direct tax while service tax is indirect taxes, so incometax is payable on the net income( after allowed expenditure), whereas the service tax is paid on gross receipts itself.

2 Like

Arniv Sharda (CA Final) (3006 Points)
Replied 16 September 2011

Originally posted by : U S Sharma
	1. 10 % service tax + 2% Edu cess + 1% S&HS Edu Cess ( total 10.3% of gross receipts), payable quarterly, return half yearly. 2. income tax is direct tax while service tax is indirect taxes, so incometax is payable on the net income( after allowed expenditure), whereas the service tax is paid on gross receipts itself.

agreed with sir

cheers

1 Like

ARUN KUMAR (Financial Consultant ) (992 Points)
Replied 17 September 2011

agree with u s sharma

Rehbar Siamwala (Sr. Executive Taxation) (112 Points)
Replied 19 September 2011

Service Tax at the rate mention by Mr. Sharma will be levied only if your gross receipts exceeds10 Lacs,

You have to file Half yearly returns of service tax if the limit mentioned above exceeds.

surender (Manager Accounts) (149 Points)
Replied 21 September 2011

I f gross reciept in the year exceed Ten lacs service tax will be as follow with accounting code for information:

10 % service tax + 2% Edu cess + 1% S&HS Edu Cess ( total 10.3% of gross receipts).

No	Service Category	Date of Introduction	Accounting Codes
No	Service Category	Date of Introduction	Tax Collection	Other Receipts	Deduct Refunds	Education Cess
22	Commercial Training or Coaching	01.07.2003	440229	440230	440231	440298

CA kuldeep kothari (own practice) (375 Points)
Replied 23 September 2011

please reply

if the assessee is having pan based service tax no. but don't have aces login id and password than what to be done.

what if he doesn't have pan based service tax no.

do we need to visit department for taking the id and password.???

if somebody have aces login id than also he need to deposit hard copies along with the surrender aknowledgement which we will receive online.

one more issue if somebody is having a property in gurgaon which is let out and residence in delhi than where he need to get to registered delhi or gurgaon???

GAURAV (ACCOUNTANT) (21 Points)
Replied 27 March 2012

ADVERTISING CO. TURNOVER 10 LACS. & CO. ALREADY SERVICE TAX DEPOSITED. SAME COMPANY RECEIVED RENT ON IMMOVABLE PROPERTY , UPTO 5 LACS , PLEASE GIVE ME A INFORMATION TO BE DEPOSIT SERVICE TAX ON IMMOVABLE PROPERTY ?