Ravi Kumar (ACCOUNTS OFFICER) (24 Points)
05 August 2009I have agreed to receive the Rent of my property Rs. 40,000/- per months and I am paying the Property Tax Rs. 60000 per year . Our clients are doing the invoice is : Rent - 40,000
Less: Property Tax : 60000/12 = 5000
Net: 35,000
Service Tax 10.3% 3605
Total 38605
TDS 15.45% 5964
Net Cheque Amt 32,640
They are deducting the Property Tax. Is it correct and send the correct invoice. and How to file the inmy returns
EKALABYA TALUKDAR
(SERVICE TAX CONSULTANT)
(666 Points)
Replied 30 August 2009
Please go through the followin content and take advice of your lawyear and do accordingly
RENTING OF IMMOVABLE PROPERTY
It is well settled by several Supreme Court judgements that the act of manufacture is the taxable event in excise, the act of import is the taxable event in the case of import duty, the act of exportation is the taxable event in the case of export duty, and the act of sale is the taxable event in the case of sales tax. In the same vein the act of adding value is the taxable event in the case of value added tax. And in the case of service tax the taxable event is the act of rendering service. It cannot be the realisation of payment for service.
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