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Rushabh (c.a.)     11 March 2008

effective date of service tax on RENT

PLS. LET ME KNOW THE EFFECTIVE DATE OF SERVICE TAX ON RENT. WITH NECESSARY NOTIFICATION NO.

 

 

RUSHABH SHAH



Learning

 4 Replies

Rajesh Kumar (Advocate)     11 March 2008

The Tax has been levied with effect from 01.06.2007. Such Service Tax is applicable in renting of immovable property for business or commercial purpose (renting of residential premises not taxable). Further such tax is not leviable if the premises is rented to or by a religous body or to a educational body (except commercial training and coaching centre).

K.Prakash Babu (Advocate)     30 April 2008

The Service Tax on Rent of Immovable Property is leviable only when the rent exceeds the threshold limit of Rs.10/- lakhs. One has to register himself when he crosses the rent receipt of Rs.9/- lakhs in the preceeding year. Other relevant information has been given by Sri Rajesh Kumar ji.

Rakesh Chitkara (Service Tax Consultant)     31 May 2008

plz also refer to latest circular by Income Tax Deptt. on not deducting TDS on service tax component of rent.

Rakesh Chitkara (Service Tax Consultant)     31 May 2008

Also, deduction towards property tax paid is allowed.

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