19 January 2011
4 individuals have rented a building consisiting of four floors to a pvt ltd co. which a runs a hospital in the building .The rent payable is Rs.1,50,000 per month to each individual. Is service tax payable on this rentals, if payable what is the tax rate, who has to remit the service tax to govt. Thanks in advance.
19 January 2011
A person has to charge service tax in the bill if his income is more than 10 lacs in a year. In you case each individual is receiving more than 10 lacs in a year. Each person as to obtain service tax number and charge in bill. The rate of service tax is 10.3% and each individual has to pay service tax to the Govt.
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