Service tax

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yash

article

21 Points Posted on 28 September 2011

commercial godown complex comprising of three floors basement+ ground+first floor build up jointly comprising of 6 owners having rental income jointly Rs 1500000/- per annum of full complex area means 250000 /- per annum per person . do we come under the regulation of service tax act to pay service tax ???????

if no, service tax inspector is of the view that as it is a complex it comes under the tax barrier of service tax and exceeds the limit of service tax limit of rs 1000000 /- jointly and therefore to get registered under service tax act and have to pay service tax .

Replies (3)

CA Unnikrishnan Nair N

Chartered Accountant

2114 Points Posted on 29 September 2011

In the case of co-ownership, whether basic exemption is available to each co-owner, this dipute is unsettled. But I feel that , if area of each co-owner is demarcated, payment of rent to each co-owner by tenant is separate, separate TDS, and if each owner returns his rental income separately under Income Tax , then each co-owner is eligible for basic exemption.

Deepa

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79 Points Posted on 29 September 2011

can you please guide me in this sictuation? what is the penalty in service tax when no business started after obtain service tax regi number ?

Deepa

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79 Points Posted on 29 September 2011

can u guide me please in this situation? what is the penalty in service tax when no business started after obtain service tax registration number?
and also nil returns are not filled by the assesse form last 4 years (After obtaining registration number also no business is started)