Service tariff on lease rentals-exemption to be calculatedfrom1stjuneor1.
exemption of 8lakhs to be calculated from 1st june 2007 onwards or from 1st april2007 to compute service tariff or to avail exemption of 8lakhs from which month the gross amount is to be calculated(from april2007 or June2007)
Answers:
For the purpose of availing exemption, you can calculate the turnover from 1.6.2007. For more details you may look in http://www.taxmanagementindia.com...
Since service tax is efficient from 1st June 2007 on commercial renting; the advantage of taxable services for exemption of Rs 8 Lakh is to be counted next to effect from 1st June 2007.Click on the relation below for details
http://allindiantaxes.com/ait-news-95.ph...
Service Tax on Commercial Renting, Business Consultancy, Execution of Works Contract, Mining of mineral, grease or gas, design service, nouns or supply of content, Asset Management Service have come into force next to effect from 1st June 2007 vide Notification No 23/2007-Service Tax dated 22nd May 2007. However, Property Tax amount have be exempted while calculating service excise on commercial renting vide Service Tax Notification No. 24. Further, those landlords whose rent receipts are below Rs 8 Lakh from 1st June 2007 to 31st March 2008 will also be exempt from service rates vide Notification No. 6/2005-Service Tax as amended by Notification No.4/2007-Service Tax subject to the conditions of Notification. Even those whose rental receipts are above Rs 8 lakh will be required to retribution service excise singular after crossing receipts of Rs 8 Lakh.
The freedom of “renting of immovable property” lower than the Finance Act 1994 as amended by the Finance stroke 2007 ; includes renting, letting, leasing, license or other similar arrangements of immovable property for use surrounded by the course or furtherance of business or commerce but does not include-
(i) renting of immovable property by a religious body or to a religious body; or
(ii) renting of immovable property to an revealing body, impart skill or skill or module on any subject or pasture, except a commercial training or coaching foundation;
The term“for use surrounded by the course or furtherance of business or commerce” includes use of immovable property as factory, bureau buildings,warehouse, theatres, exhibition hall and multiple-use buildings
"taxable service" medium any service provided or to be provided to any creature, by any other personage contained by relation to renting of immovable property for use in the course or furtherance of business or commerce.
“immovable property” includes—
(i) building and quantity of a building, and the environment appurtenant thereto;
(ii) parkland incidental to the use of such building or piece of a building;
(iii) the adjectives or shared areas and services relating thereto; and
(iv) in baggage of a building located in a complex or an industrial estate, adjectives adjectives areas and services relating thereto, in such complex or estate,
but does not include-
(a) unpopulated estate solely used for agriculture, aquaculture, agriculture, forestry, animal husbandry, mining purposes;
(b) uninhabited estate, whether or not have services clearly incidental to the use of such empty landscape;
(c) arrive used for enlightening, sports, circus, entertainment and parking purposes; and
(d) building used solely for residential purposes and buildings used for the purposes of mansion, including hotels, hostels, boarding houses, holiday pied-à-terre, tents, camp services.
An immovable property somewhat for use within the course or furtherance of business or commerce and in some measure for residential or
any other purposes shall be deem to be immovable property for use surrounded by the course or furtherance of business or commerce(Vide Finance Act 2007)
All financial transactions are as per FY 01 Apr to 31 Mar. Hence adjectives calculation should be surrounded by that time frame.
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Answers:
For the purpose of availing exemption, you can calculate the turnover from 1.6.2007. For more details you may look in http://www.taxmanagementindia.com...
Since service tax is efficient from 1st June 2007 on commercial renting; the advantage of taxable services for exemption of Rs 8 Lakh is to be counted next to effect from 1st June 2007.Click on the relation below for details
http://allindiantaxes.com/ait-news-95.ph...
Service Tax on Commercial Renting, Business Consultancy, Execution of Works Contract, Mining of mineral, grease or gas, design service, nouns or supply of content, Asset Management Service have come into force next to effect from 1st June 2007 vide Notification No 23/2007-Service Tax dated 22nd May 2007. However, Property Tax amount have be exempted while calculating service excise on commercial renting vide Service Tax Notification No. 24. Further, those landlords whose rent receipts are below Rs 8 Lakh from 1st June 2007 to 31st March 2008 will also be exempt from service rates vide Notification No. 6/2005-Service Tax as amended by Notification No.4/2007-Service Tax subject to the conditions of Notification. Even those whose rental receipts are above Rs 8 lakh will be required to retribution service excise singular after crossing receipts of Rs 8 Lakh.
The freedom of “renting of immovable property” lower than the Finance Act 1994 as amended by the Finance stroke 2007 ; includes renting, letting, leasing, license or other similar arrangements of immovable property for use surrounded by the course or furtherance of business or commerce but does not include-
(i) renting of immovable property by a religious body or to a religious body; or
(ii) renting of immovable property to an revealing body, impart skill or skill or module on any subject or pasture, except a commercial training or coaching foundation;
The term“for use surrounded by the course or furtherance of business or commerce” includes use of immovable property as factory, bureau buildings,warehouse, theatres, exhibition hall and multiple-use buildings
"taxable service" medium any service provided or to be provided to any creature, by any other personage contained by relation to renting of immovable property for use in the course or furtherance of business or commerce.
“immovable property” includes—
(i) building and quantity of a building, and the environment appurtenant thereto;
(ii) parkland incidental to the use of such building or piece of a building;
(iii) the adjectives or shared areas and services relating thereto; and
(iv) in baggage of a building located in a complex or an industrial estate, adjectives adjectives areas and services relating thereto, in such complex or estate,
but does not include-
(a) unpopulated estate solely used for agriculture, aquaculture, agriculture, forestry, animal husbandry, mining purposes;
(b) uninhabited estate, whether or not have services clearly incidental to the use of such empty landscape;
(c) arrive used for enlightening, sports, circus, entertainment and parking purposes; and
(d) building used solely for residential purposes and buildings used for the purposes of mansion, including hotels, hostels, boarding houses, holiday pied-à-terre, tents, camp services.
An immovable property somewhat for use within the course or furtherance of business or commerce and in some measure for residential or
any other purposes shall be deem to be immovable property for use surrounded by the course or furtherance of business or commerce(Vide Finance Act 2007)
All financial transactions are as per FY 01 Apr to 31 Mar. Hence adjectives calculation should be surrounded by that time frame.