If u have business of renting machinery to industries, then service tax shall be leviable. However, if one time transaction then no service tax shall be leviable.
3 Replies
Viragshah
(Articled Assistant)
(24 Points)
Replied 10 September 2008
To describe the transaction in technical terms; if the transaction is "a let out of idle capacity", then it qualifies as income from busines profession only. But if the assessee carries on these type of transactions "normally" i.e. to say in his normal day-to-day activity, then service tax is leviable.
CA Vivek
(CA , CS)
(71 Points)
Replied 10 September 2008
What is reverse charge in service tax when it is applicable
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