Abatement of service tax on Property tax payment.

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..... Abatement of service tax on Property tax payment.
Query (Issue) Started By: - S.C. WADHWA Dated:- 17-8-2015 Last Reply Date:- 18-8-2015 Service Tax
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Service Tax
Dear Experts, W .....

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..... e are issuing invoice on tenant for Rs. One lac per month with break up as under:- Rent amount ₹ 89000/- Plus service tax @12.36% ₹ 11000/-. But we are depositing service tax of ₹ 10 .....

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..... 780/- after getting abatement of house tax paid ₹ 2000/- per month, And by the end of the year we booked misc income ₹ 2640/-. Diff of service tax claimed and paid. Now my query is whethe .....

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..... r this procedure is OK or not. Please give your expert opinion. So that Income tax return can be filed accordingly. REGARDS, WADHWA Reply By Manoj Agarwal: The Reply: Dear Sir, You are collecting .....

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..... service tax of ₹ 11000 and depositing only ₹ 10780 which is incorrect. Any excess amount collected representing as service tax must be immediately deposited with the exchequer (Section 73 .....

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..... A). If the gross rent including service tax is ₹ 1 Lacs, the break up should be as follows: Rent = 89,220/- Less: Property Tax paid ₹ 2000 Taxable Rent = 87,220 Service Tax thereon @ 12 .....

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..... .36% (14% w.e.f. 01-06-2015) = 10780/- Gross Rent = 89,220 + 10780 = 1,00,000/- Regards, Manoj Agarwal, Service Tax Consultant +91-9937041788
Discussion Forum - Knowledge Sharing .....

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