Interest, Transport and Power Subsidies are eligible Deductions u/s 80IB Related Case Law : DCIT Vs M/s. Maithan Smelters Ltd.,(Kolkata ITAT), ITA No. 1327/Kol/2011 A.Y. 2005-06, Date of decision –26-08-2015 Briefs of Case In the case DCIT Vs. Maithan Smelters Ltd. the Hon’ble Kolkata ITAT held that the interest subsidy, transport subsidy and power subsidy […]
SERVICE TAX – TAXABILITY OF LEASE PREMIUM (PART-2) Upfront lease premium is charged on one time basis but on the other hand annual or monthly lease charges are charged on regular basis. Thus, the premium is the price paid for obtaining the lease of an immovable property. While rent, on the other hand, is the […]
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 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 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 […]