Hello, and Individual has rented in F.Y 2013-2014,
(1) An Commercial property @ 50K per month = Annual 6 lacs
(2) Another Commercial property @ 1 lacs per month = Annual 12 lacs
(3) An Residential Flat for purely residential use @ 40k per month = Annual 4.80 lacs
(4) Another Residential house for purely residential use @ 25k per month = Annual 3 lacs
Now this year the Individual will be applying for Service Tax Registration.
What will be included for calculation of Service Tax, I understand only commercial property will be liable for Service tax?
So Service Tax for F.Y 2013-2014, being first year will be on (6+12) 18 Lacs - 10 Lacs = 8 lacs
& Service Tax for F.Y 2014-2015, onwards will be on complete 18 Lacs
Is it correct? or even residential rent also has to be considered for Service tax applicability?
Please can someone reply ASAP, Thanks.
CAclubindia
