Hi All,
I have rented out a property for commercial purpose for Rs.80000 per month. Can I know what are all the taxes I need to pay along with the percentages ? It is not subjected to TDS.
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Taxes on rent income
Replies (2)
You dont have to pay any taxes because first thign since the total for 12 months is Rs.960000/- which is less than Rs. 10 Lacs u need not charge service tax.. But if you have any other income which is service related then you will be under the SERVICE TAX Act..
As per TDS, it will be the person who has to deduct TDS and pay the net amoutn to you.. (Limit is Rs.180000 a year) u/s 194I @ 10%
Thanks Amrin !
Is service tax applicable for commercial properties and residential properties ?
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