18 May 2013
Is it for adjusting the property tax value from renting on immovable property?, as the query is not clear.
Any property tax paid can be adjusted from rental income for remitting the service tax. The Act allows it but the term "arrear" is not mentioned. Notn: 29/2012 dt 20.06.12 Example quoted in the Notn:
Property tax paid for April to September = Rs. 12,000/- Rent received for April = Rs. 1, 00,000/- Service tax payable for April = Rs. 98,000/- (1, 00,000 -12,000/6) * applicable rate of service tax
2. This notification shall come into force on the 1st day of July, 2012.
in that case property tax of Rs. 24000 (Apr-March)but only Rs 8000 only paid in that year remaining balance paid in next year in that case how service tax we can calculate
is Rs. 24000 allowed for that year or
only Rs. 8000 is allowed for deduction of property tax. please suggest
CAclubindia
