for getting ser. tax registration there is a thresshold limit of Rs. 8 lacs and liability for charge n payment is Rs. 10lacs i.e. upto 10 lacs no need to pay if you have not charged
Service tax on Rental Income
Page no : 6
OFFICESELVA
(Service)
(515 Points)
Replied 15 July 2008
Threshold limit during current financial year is Rs.9 Lakhs.
OFFICESELVA
(Service)
(515 Points)
Replied 15 July 2008
The rent relating to June 2007onwards alone needs to be taken into consideration for computation SSI excemption.
(Guest)
to mr. sanjeev kumar
reference to your reply dated 07/15/2008
sir thank you. can you leave your contact detail for further details. you can mail me at karan.wingflow @ yahoo.com
karan malhotra
(business)
(22 Points)
Replied 21 July 2008
i'm losing a sum of rs. 25000(approx.)to my tennant i.e. a bank in a misunderstanding that the bank is not supposed to pay us service tax and my lac of knowledge in taxation.my rental income is more than 10 lacs rupees. the bank is refusing to pay service tax.
OFFICESELVA
(Service)
(515 Points)
Replied 11 August 2008
'Rent of parking space' is a commertial activity. If the same is more than the thershold limit then the same will attract service tax.
Chandra Sekhar P
(G.M. Finance & Accounts)
(116 Points)
Replied 12 August 2008
| Originally posted by :Sadhuanj | ||
| " | I am receiving a rent Rs 1.00 lakh per month which is sharing equally myself and my wife. The property is in the joint name. The property has given letout for a software company. As per the latest provisions of service tax, the service tax will be levied on rentals. Please guide the service tax provisions, whether service tax applicable to this case? In case if required to pay service tax.. who has to pay the service tax i.e service provider or service receiver. Please clarify ? Letting out of immovable property is a taxable service. Service tax is payable by the recipient of rent. Since the property is in the joint name, you need to make separate agreements, so that service tax basic exemption limit can be claimed. When there is one single agreement, you will come under service tax ambit. |
" |
(Guest)
| Originally posted by :Guest | ||
| " | We are receiving a rent Rs. 1.50 Lakh per month. The property has given letout for a Factory space at Okhla. As the latest provision of service tax, the service tax will be levied on rent received. Please guide us what, we have to pay service tax on that amount, if so, what is proceduure and what is the limit? | " |
OFFICESELVA
(Service)
(515 Points)
Replied 08 September 2008
You have to pay service tax on income exceeding Rs.8 Lakhs during FY 2007-08
(Guest)
| Originally posted by :Sadhuanj | ||
| " | I am receiving a rent Rs 1.00 lakh per month which is sharing equally myself and my wife. The property is in the joint name. The property has given letout for a software company. As per the latest provisions of service tax, the service tax will be levied on rentals. Please guide the service tax provisions, whether service tax applicable to this case? In case if required to pay service tax.. who has to pay the service tax i.e service provider or service receiver. Please clarify ? |
" |
S. Banerjee
(Practising Cost Accountant. Core area- Central Excise. Service Tax Costing system installation including maintenance of Cost Records and Cost Audit and Management Audit mainly Revenue leakages Audit)
(622 Points)
Replied 18 October 2008
Whether Service Tax is applicable on sub-let under "Renting on imvoble property" ?
S. Banerjee
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