03 October 2008
PLEASE CLARIFY MY FRIEND DOUBT I purchased a new car and got it registered on my wife name.
My wife is working as LIC agent from 1year and her income is around Rs.40, 000/- per year.
I want the car to give it on lease to my company (where I work).
My doubts
1) Giving car on lease - does this attracts service tax? 2) Is there any thing like PAN number for Service Tax filing? If yes, what is the process to get that number? 3) Is there any basic limit below to which, no service tax need to be paid? 4) Assuming the car lease is Rs.12, 000/- per month, the income is Rs.1, 44,000/- per year. Does she need to pay any service tax to government? 5) is it sufficient if my wife files IT returns showing the income as LIC agent + car lease? (without any service tax payment)
CAclubindia
