for getting ser. tax registration there is a thresshold limit of Rs. 8 lacs and liability for charge n payment is Rs. 10lacs i.e. upto 10 lacs no need to pay if you have not charged
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Service tax on Rental Income
Threshold limit during current financial year is Rs.9 Lakhs.
hi
Is it necessary to collect service tax on rental income which exceeds 8 lakhs if we consider the rent for the month of April and May 2007. But the notification come into force only from 1st june 2007.
The rent relating to June 2007onwards alone needs to be taken into consideration for computation SSI excemption.
to mr. sanjeev kumar
reference to your reply dated 07/15/2008
sir thank you. can you leave your contact detail for further details. you can mail me at karan.wingflow @ yahoo.com
i'm losing a sum of rs. 25000(approx.)to my tennant i.e. a bank in a misunderstanding that the bank is not supposed to pay us service tax and my lac of knowledge in taxation.my rental income is more than 10 lacs rupees. the bank is refusing to pay service tax.
kindly clarify on service tax applicable in house rent
A big NO.
Is there any service tax is levied on parking spaces under 'Renting of Immovable Property'? Please give full details about this.
'Rent of parking space' is a commertial activity. If the same is more than the thershold limit then the same will attract service tax.
| Originally posted by :Sadhuanj | ||
| " | I am receiving a rent Rs 1.00 lakh per month which is sharing equally myself and my wife. The property is in the joint name. The property has given letout for a software company. As per the latest provisions of service tax, the service tax will be levied on rentals. Please guide the service tax provisions, whether service tax applicable to this case? In case if required to pay service tax.. who has to pay the service tax i.e service provider or service receiver. Please clarify ? Letting out of immovable property is a taxable service. Service tax is payable by the recipient of rent. Since the property is in the joint name, you need to make separate agreements, so that service tax basic exemption limit can be claimed. When there is one single agreement, you will come under service tax ambit. |
" |
| Originally posted by :Guest | ||
| " | We are receiving a rent Rs. 1.50 Lakh per month. The property has given letout for a Factory space at Okhla. As the latest provision of service tax, the service tax will be levied on rent received. Please guide us what, we have to pay service tax on that amount, if so, what is proceduure and what is the limit? | " |
You have to pay service tax on income exceeding Rs.8 Lakhs during FY 2007-08
| Originally posted by :Sadhuanj | ||
| " | I am receiving a rent Rs 1.00 lakh per month which is sharing equally myself and my wife. The property is in the joint name. The property has given letout for a software company. As per the latest provisions of service tax, the service tax will be levied on rentals. Please guide the service tax provisions, whether service tax applicable to this case? In case if required to pay service tax.. who has to pay the service tax i.e service provider or service receiver. Please clarify ? |
" |
Whether Service Tax is applicable on sub-let under "Renting on imvoble property" ?
S. Banerjee
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