Nov 27 as deadline for service tax dues
New Delhi- If you haven’t yet paid your service tax dues, hurry up as November 27 is the deadline with over Rs.10-lakh rental income out of the immovable properties. Tax payers who fail to pay by the deadline will be charged a penalty.
Tax implies to renting commercial properties with the rental amount exceeding the limit of Rs.10 lakh annually. The current rule states that renting of immovable property to the educational institutions from the service tax is exempted. However, the renting of residential property is also exempt from the service tax.
in 2012, the Finance Act stated that a person will not have to pay any penalty for the failure of payment of tax on the 6th day of march unless that the service tax amount is paid in full with interest within six months from the effective date of Finance Bill.
With the Presidential grant received on May 28, November 27 will be the day day for relief hence tax payers who haven’t paid their dues will be subjected to penalty.
Deadline, Delhi, Educational institutions, Immovable properties, immovable property, New Delhi, rental income, Service Tax, service tax dues, Tax
