Hai All
As per the rule Service tax need to pe paid when the rental income of commercial property is more than 10 lakhs .
I am getting a rental income of 15 lakhs . as the rental income is total of two tenants I am not collecting service tax from the tenant . the auditor informed me that i need to pay 14% as service tax
1.Whether i need to create a separate service tax account
2.Is there any way to reduce the service tax on rental income .
3. Service tax need to be paid for the total rental income of 15 lakhs or Service tax need to be paid for 5 lakhs (Total income - Limit) (15lakhs - 10 lakhs)
Thanks a lot