https://www.taxtmi.com/article/detailed?id=1951 The exemption reduces the taxable value of service tax on renting of an immovable property by excluding property tax actually levied and collected by local bodies from the gross amount charged; interest and penalties are not deductible. If property tax and service tax periods differ, the property tax must be prorated to the period for which service tax is payable and that prorated amount excluded from the gross rent for computing service tax. en-us Tue, 20 Nov 2012 13:43:40 +0530 Sat, 14 Sep 2013 23:25:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1951 The exemption reduces the taxable value of service tax on renting of an immovable property by excluding property tax actually levied and collected by local bodies from the gross amount charged; interest and penalties are not deductible. If property tax and service tax periods differ, the property tax must be prorated to the period for which service tax is payable and that prorated amount excluded from the gross rent for computing service tax. Articles Service Tax Tue, 20 Nov 2012 13:43:40 +0530 https://www.taxtmi.com/article/detailed?id=1951