27 January 2011
We have leased out water pumping systems for 10 years and collected upfront lease rentals in advance from the various users from the year 1998-2003. We are amortizing this amount every year and treating it as a income of lease rentals. Let us know service tax liability as the upfront collected well in advance before imposition of service tax and secondly company has not collected any amount t/w service tax from the lessees as these services were not covered under service tax perview. pl.clarify.
CAclubindia
