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TMI BlogService TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... Service Tax X X X X Extracts X X X X X X X X Extracts X X X X ..... te of service tax is 10% .Service tax @ 12% is effective from 1st April 2012 Reply By NEERAJ KUMAR, RANCHI: The Reply: For the month of March'12, s.tax is applicable @10 % only, 12 % will be applicable only after finance bill is passed in parliament and assent is given by the president. After this date will be notified making effective rate @ 12 %. Reply By raj kumar shukla: The Reply: it woul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d be 12% from 1st April as this increase is by way of withdrawl of notification which had reduced service Tax from 12% to 10%.This withdrawl is effective from 1st April. this is not the case of simple increase in rate of service Tax. Reply By NEERAJ KUMAR, RANCHI: The Reply: Yes, the increased rate is effective w.e.f 01.04.2012. I agree with Mr Shukla. Reply By SUNIL & KALPANA SINGH TOMAR: The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply: Received the rent (IMM> PROPERTY) of Rs.750000/- in f.yr 2010-11 exempted no tax and recd rent of Rs 1357500/- in f.yr 2011-12 service tax on Rs557500/- @10.3% + Intrest 13% We want the registration in service tax in self HUF a/c so pls guide us what exemption on us in huf a/c or in future Can we pay the service tax after less the exemption or charge from Rs.1/- Pls guide us . Thanks ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By raj kumar shukla: The Reply: it appears to be more of query than a reply. pl post in colmn meant for it so that others could see it Reply By SUNIL & KALPANA SINGH TOMAR: The Reply: Dear Sir, One of my relative (mr.akhil singh tomar HUF a/c) receiving the commercial rent as per following manner: Year Total Retal Income 2010-11 ------------------------------------ Rs.7,50,000=00 (NO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S.TAX LIBILITY IMPOSED under exemption 8 LAC) 2011-12 -------------------------------------- Rs.13,57,500=00 ( Service Tax @10.3% Due of Rs.557000/- after exeption Deduction) 2012-2013 ----------------------------------- Rs.24,00,000=00 (Service Tax @12.36% Due from April2012) We request you kindly direct us on the following issues * Can we avail the exemption of Rs.8/-lac for the year 2011- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12 or What value should be considered for the valuation of Service Tax for the year 2011-12 ? *How much Service Tax should be paid for the year 2012-13, when we are receiving the rent Rs.200000/- Per month (In same A/C Akhil Singh Tomar HUF A/C)? *Are we required to deduct the value of Rs.800000/- from the total rental value for depositing the service tax? We would we very obliged for your resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onse in this regard. Thanks Kalpana Singh Reply By SUNIL & KALPANA SINGH TOMAR: The Reply: Dear Sir, We are waiting your response in this regard. kalpana Reply By suresh mandadapu: The Reply: Dear Madam, Service tax is applicable when gross receipts exceed Rs.10,00,000 in a year. 1. In 2010-11, there was no service tax liabiity since your gross receipts were less than Rs.10,00,000 2. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 2011-12, you have to pay service tax on Rs.3,57,500 (13,57,500-10,00,000) @ 10.3% 3. In 2012-13, you have to pay service tax on entire gross receipts of Rs.24,00,000 @ 12.36%. You can not deduct Rs.10,00,000 (exemption limit) Awaiting others' response Regards M. Suresh Reply By NEERAJ KUMAR, RANCHI: The Reply: Yes Mr Sureh is absolutely correct, exemption limit during 2010-11 and 2011-12 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as 10 laksh and not 8 lakh. once crossed the exemption limit you have to pay s tax on the entire amount.
Reply By SUNIL & KALPANA SINGH TOMAR:
The Reply:
Dear M. Sureshji
Thanks for reply . I got my query answered.
Thanx a ton.
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