Monthly Archives: August 2015


SERVICE TAX – TAX ABILITY OF LEASE PREMIUM (PART-1) Renting of immovable property is a taxable service as a declared service. The term of the same has been defined in clause (44) of the new section 65B inserted by the Finance Act, 2012 and already applicable from 1.7.2012 and means –any activity for consideration carried […]

Frequently Ask Questions – Agricultural Income

Frequently Ask Questions – Agricultural income Question 1. Does interest on arrears of rent qualify as agricultural income and will this be exempt from tax? Answer:- If, a tenant pay arrears rent or revenue payments (either in cash or kind) and the landlord charges interest on such arrears, the income of land lord would be […]

Tax treatment and Taxability of Agricultural Income

Tax treatment and Taxability of Agricultural Income Agricultural income in India is exempt under Section 10(1) of the I.T.Act, 1961. So the income earned by way of agricultural operations, as mentioned in Section 2(1A) of the said Act, is not taxable as Constitution gives exclusive power to make laws with respect to taxes on agricultural […]

Self Assessment To Selfish Scrutiny – Service Tax

Self Assessment To Selfish Scrutiny – Service Tax With effect from 1st August 2015 Department is coming out with a strong ‘return scrutiny system. It is going to be a two part system of Preliminary and Detailed Scrutiny.CBEC has issued Circular No.185/4/2015 – Service Tax dated 30th June 2015 providing instructions on detailed manual scrutiny […]

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