Service Tax

[Mridul Sethi]

At which rate service tax for the m/o March-12 will be charged.10% or 12%.

 

AI Summary

Service Tax Rate Clarified: 10% for March 2012, 12% from April; Rental Income Tax Rules Explained A discussion forum addressed queries regarding the applicable service tax rate for March 2012, concluding it was 10%, with the rate increasing to 12% from April 1, 2012. Additionally, there was a query about service tax liability on rental income for various financial years. It was clarified that service tax applies when gross receipts exceed Rs. 10,00,000. For 2011-12, tax was due on Rs. 3,57,500 at 10.3%, and for 2012-13, it was due on the entire Rs. 24,00,000 at 12.36%, with no deduction for the exemption limit. The query was resolved with the provided guidance.