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Income Tax - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

The security deposit recovered from the members at the time of ...

Income Tax

December 30, 2016

The security deposit recovered from the members at the time of their enrollment as a club member is refundable on occurrence of the contingencies mentioned in the Rules, Regulations and ByeLaws, same is required to be treated as a deposit and a capital receipt consequently - HC

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  1. Security deposit collected from its members refundable - whether receipts does not partake the character of income? - Held No - AT

  2. Taxability of club membership fee - refundable security deposit should not be subjected to Service Tax as per provisions of the Finance Act, 1994. - AAR

  3. Liability of service tax - advance deposit received for Renting of Immovable Property Services - refundable security deposit - Such refundable amount cannot form...

  4. Club membership - the Membership fee, Annual fee and other charges received from members from time to time be liable for Service Tax. - Refundable security deposit and...

  5. Exemption from payment of income tax on interest earned - fixed deposits kept with certain banks which were corporate members of the assessee club - principle of...

  6. Club and Association Service - Levy of service tax - advance entrance/enrollment fee collected from prospective members - Mutuality of interest - there being mutuality...

  7. Central Government appoint persons as part-time members of the National Financial Reporting Authority (NFRA) - Total 7 members (3 members are from ICAI)

  8. Doctrine of mutuality - club and association service - Sale - foods and drinks provided to the members of the club - As the matter is no more res integra and the Apex...

  9. Levy of service tax - services provided by clubs to its members - an explanation is added to say that the person and its members or constituents shall be deemed to be...

  10. TDS u/s 194A - a cooperative bank was not required to deduct tax from the payment of interest on time deposits of its members paid or credited before 1st June 2015 - HC

 

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