28 December 2013
A client have an Rental Income from Immoveable Property of Rs. 9,55,680.00 in the financial year 2010-11. In the subsequent year i.e. FY 2011-12 & 2012-13 the Rental Income increased to Rs. 14,45,000.00 in both years. The client want to File declaration under VCES. So will the client be able to take the benefit of exemption of Rs. 10,00,000.0. in the FY 2011-12 and file the declaration on the balance amount of Rs. 4,45,000.00 for FY 2011-12 & Rs. 14,45,000.00 for the FY 2012-13.
02 January 2014
Yes he is eligible to avail exemption of Rs. 10 lakhs. He is required to pay service tax on the balance amount of Rs. 4.45 lakhs for FY 11-12.
CAclubindia
