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Revised Income tax and Service tax charges effective from today

The Government has revised the service taxes and income tax and it is effective from today.




Income Tax:


  • Your Bank / PO will deduct TDS on RD (Recurring Deposit) if interest more than 10000/- PA.
  • Here after, the Real Estate Transaction for Rs.20,000/- or more to be made by cheque / banking channel only
  • If any Payments exceeding Rs.1 Lac, PAN is required to be quoted.
  • The Payments to Transporter exceeding Rs.30,000/- or Rs.75,000/- per annum, TDS to be deducted.
  • All the Payments to NRI / Foreign Companies, Etc., Form # 15CA & 15CB required.
Income-tax-revised-tax-service

Service Tax:


Service Tax will be charged @ 14%. In case of Abated Rates, following rates are applicable:
  •  Lodging: 8.40%
  •  Restaurant: 5.60%
  • Catering: 8.40%
  •  Hall with Catering: 9.80%
  •  Vehicle Rent: 5.60%
  • GTA Transports: 4.20%
  •  Builder- Res: 3.50%
  •  Builder-Comm: 4.20%
  •  Civil Contractor with Mat: 5.60%
  •  Erection with Material: 5.60%
  •  Repair / Maintenance of Building or goods: 9.80%