Service tax and tds are applicable on lease business

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durgaprasad

accounts executive

225 Points Joined June 2015

We are maintain the partnership firm of Hotel (only accommodation). Three managing partners on this business. Now the partners has decided to give their business on lease. The lessee has agreed to pay the monthly remuneration to the partners for the purpose of lease business. There is any tds/ service tax applicable for the partner remuniration for the lease business. How will show the books in these transactions. Can any one guide to me..... what are the amounts comes under the incidence of the tax in the lease partnership firm.

Replies (4)

Guest

yes for lease service tax and tds both are applicable

for lease pass entry

PARTY A/C

TO LEASE RECEIVED

AND WHEN RECEIVED PYAMENT

CASH /BANK A/C

TO PARTY

PATNERS WILL RECEIVED SALARY AS PER PARNERSHIP DEED

durgaprasad

accounts executive

225 Points Joined June 2015

thank you for prompt reply, which TDS section applicable and you are pass the journal entries in the books of firm of lessee. If lessee maintain the books of firm, then partner remuniration is expenditure for him. How the lessee show the entries in the books of firm