Exemption limit - Meaning of turnover

[Guest]

To determine exemption of Rs8lacs, especiall in case of cooperative housing societies, what component of turnover should be considered? Whether Property Tax, Water Tax to BMC, Interest on arrears, income from ousiders(rent on hoardings, advertisement etc)should also be included? Whether all collections Sinking fund, repair fund etc should be included or only maintenance charges should be included.--Thank you so much.

AI Summary

Turnover Calculation for Rs. 8 Lakh Service Tax Exemption: Include All Charges Except Property Tax for Housing Societies. A query was raised regarding the components of turnover to be considered for determining the Rs. 8 lakh exemption limit in the context of service tax for cooperative housing societies. The question focused on whether property tax, water tax, interest on arrears, income from external sources like rent from hoardings, and various funds such as sinking and repair funds should be included. The response indicated that all charges should be included in the turnover calculation, except for property tax, to assess the Rs. 8 lakh exemption.