Friday, February 26, 2010

Union Budget 2010-11: Now, renting of immovable property is a taxable service

The Budget has also clarified that renting of immovable property is a taxable service. It would be applied retrospectively from June 1, 2007.
The government today brought eight new services, including brand promotion, under the tax net even as Finance Minister Pranab Mukherjee retained the service tax rate at 10 per cent.

Services promoting brand of goods, services, events and business entity have been brought under the tax net, according to Budget memorandum presented by Mukherjee.

Similarly, permitting commercial use or exploitation of any event organised by a person or organisation is taxable.

To read more, please, visit Service tax net widened, rate unchanged


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