Service tax
This query is : Resolved
22 August 2015
If any Person Has A Business Of Giving His Property On Lease And HaS Given His Property On Lease To Bank Will He Charge Service Tax From Bank Or Not Please Reply??
22 August 2015
Dear Aman,
Good day...!!
The govt. has included SERVICE TAX ON RENT ING OF IMMOVABLE PROPERTY in Declared Services while introducing the Negative List of Services in Service Tax (w.e.f. July 1, 2012)
Declared Services means: services which would be deemed to be a service (whether it is a service or not) and service tax payable on them.
In view of the above changes, Service tax is said to be applicable on renting of immovable property, except in the below mentioned types:
• Renting of vacant land, relating to agriculture
• Renting of residential dwelling units for use as Residence
• Renting out any property by the Reserve Bank of India
• Renting out any property by a Government or local authority to a non-business entity
Applicability of Service Tax: Service tax in mandatory, if the total value of services provided by service provider exceeds the threshold limit of Rs. 10.00 lacs p.a. If the total value of services provided by the service provider is less than Rs. 10.00 lacs, service provider not mandatorily liable to pay service tax.
Good day...!!
The govt. has included SERVICE TAX ON RENT ING OF IMMOVABLE PROPERTY in Declared Services while introducing the Negative List of Services in Service Tax (w.e.f. July 1, 2012)
Declared Services means: services which would be deemed to be a service (whether it is a service or not) and service tax payable on them.
In view of the above changes, Service tax is said to be applicable on renting of immovable property, except in the below mentioned types:
• Renting of vacant land, relating to agriculture
• Renting of residential dwelling units for use as Residence
• Renting out any property by the Reserve Bank of India
• Renting out any property by a Government or local authority to a non-business entity
Applicability of Service Tax: Service tax in mandatory, if the total value of services provided by service provider exceeds the threshold limit of Rs. 10.00 lacs p.a. If the total value of services provided by the service provider is less than Rs. 10.00 lacs, service provider not mandatorily liable to pay service tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- RCM - commercial rent paid to URP under GST
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Payable outstanding for years disallowance
- DTCP approval
- Whether still royalty
- Strategic Performance Management and Business Valuation
- Appeals vs Writ court -certain doubt
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
