Service tax is a vast subject, but few hot topics are discussed here…..
Renting of Immovable Property
For use in the course of furtherance of Business or Commerce
Service provided in relation to renting of immovable property for use in
the course or furtherance of business or commerce
Service provided in relation to renting of immovable property for use in
the course or furtherance of business or commerce
Service provided in relation to renting of immovable property for use in
the course or furtherance of business or commerce
Stage I: Would anyone have ever imagined in the wildest of dreams that a Landlord will be asked to pay Service tax on Rents he is collecting. The Government calls letting out of property as a Service and had levied service tax on it recently. However, as a matter of natural justice – Those having rents per annum, less that 8 Lakhs need not worry.
Stage II: Then Government thought that it may give some relief in the form of abatement of Corporation tax paid by the land lord to be deducted from the taxable value i.e. Rental Income.
Stage III: As always, few auditors advised and few tax compliant people registered for the ‘Renting of Immovable Property’ and when they got the registration and wanted to pay tax – There was no accounting code allotted for payment of service tax under this category. After few days, accounting codes were also allotted and then these tax payers readily prepared challans for remittance and went to banks for remittance. To their surprise, few banks returned the challan with the DD back to the remitters saying the Accounting Code filled up in the challan is wrong ! The fact is that their software did not accept these codes due to non-updation of recent notification containing Accounting code issued by the Department.
Stage IV: Many did not like government’s move to levy renting of immovable property and few under litigations. The result is that the service tax levy is hanging in the mid air to be confirmed and establishing roots will take time….
The Service Tax as far me as considering is the topic which mess me every time
It puzzles like anything what is this i have never understood this that why this Service Tax with the VAT
Many feel that:
Service tax Means To serve public with host of taxes………
VAT is like WAAAT for the public….
Custom Duty Means It is a Customary Duty of Dept. to penalise you…
Excise Duty Means It is the Duty to exercise the power on proper tax payers first and non-tax payers next….
Income Tax means to axe the Income and tax the payer…..
Just wait for the Jago Indya Revolution to take its roots and first step in tax related reforms would be GST (GOODS and SERVICE TAX) which will eliminate couple of taxes like, CST, State Wise VAT and Sales Tax laws, Service Tax and few others of the sorts.
Lage Raho Sanjay Bhai
Giving Good Stuff
Salute to You
sir why dont u form an association for the CA like many of them are having and start a journal on regular basis
I have studied your article in the http://www.kckadel.net long before
but one thing that the articles are of the same no which was there like before a 2 month i saw to it.
I regularly browse net and came thru kckadel.net some 2 months back
It proves your talent
Should I get the Digital Signature as I am a NRI Business Man in India
and what the digital signature mean and what is the advantaget to me
Does Internet Filing need digital Signature
does it cost
Digital signature can be used for efiling of IT returns and ROC returns in India.
Digital Signature is not a pictoral signature in soft copy like image or something as many think, it is a set of codes, zeroes and ones which is encrypted and decrypted while attaching or verifying. For example, when filing a return, you need to attach a signature in hard copy situation, whereas in soft copy situation, Digital signature which will be stored in your USB token or Internet explorer certificates store, can be attached on the document. Then, the document attains authenticity.
This Digital signature is bit risky to handle as even without you, any one else can also apply your digital signature and file wrong returns, If you lose the posession of USB token, etc. BUT Digital signature cannot be copied, it cannot be replicated, there is no backward engineering possible. In technical terms, Digital signature is a result of public key cryptography and private key and public keys are needed to verify it……. It is very technical if you go in deep….
Internet filing of IT returns does not mandatorily required Digital Signature, but if you have, then no further paper formalities are required. If you do not use Digital Signature, then minimal paper formalities follow.
Internet filing of ROC returns compulsorily requires Digital Signature.
It costs around Rs.2000/- for 2 years and can be obtained within half an hour on submitting a paper-filled application.
Hope you will have clarity on the subject.
Thanks For Your Answer
Hello Sir May I know which place in India is to live in and have a business of Laptops and Computers.
Because Iam a resident of Germany Right Now planning to shift India
as Cost of Living is very cheap there can u suggest me please
Many said Bangalore, Calcutta or Rajastan will be good for making business
What do u suggest any other place or any one from above
will be waiting for the reply
Hi Micael. Bangalore is good place to live in and make money these days. Lots of modern crowd and all teenagers and all software engineers around……. SO…more demand for laptops and computers….. Though bangalore is costly in terms of space cost i.e. rents and properties but it is enoughly compensated by the market which exists there for laptops and computers….in which you are going to deal.
Chennai is an emerging market…. Calcutta is out of my sight due to not much knowledge of the city… Rajasthan will not have many buyers for your products as in Bangalore or Hyderabad.
Second choice personally is hyderabad and third choice is chennai.
Hope i sound clear in my view.