Service tax on rental income of the property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2014 My Client Town Municipal Council Authority is receiving rental/leased income from its let out properties to the Tenants for the financial year 2010-11---RS.9,50,000/-
2011-12- RS.10,50,000/-
2012-13--Rs.12,50,000/-
for the financial year 2013-14 Rs.13,56,000/-
what is the Service Tax to be payable for both the years by the TMC ? WHAT IS THE EXEMPTION LIMIT ? KINDLY ENLIGHTEN ON SUCH POINTS FOR SERVICE TAX
WHAT IS THE BASIC EXEMPTION LIMIT UNDER SERVICE TAX

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 December 2014 Only for the first year of income exceeding 10 lacs basic exemption of 10 lacs is available. From next year on wards service tax has to be paid on full amount.
Service tax payable on :
2011-12 50,000.
2012-13 12,50,000.
2013-14 13,56,000.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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20 December 2014 For the Financial Year Services Tax need to be paid at the rate of 12.36%
2012-13 12,50,000
2013-14 13,56,000

No exemption is available since exemption of small service tax provider is already consumed in financial year 2011-12

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