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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Income on account of licence fees and amenities provided to ...

Income Tax

January 13, 2017

Income on account of licence fees and amenities provided to tenant - business income OR income from house property income - It is a case of exploiting the asset commercially and not the case of mere letting it out - to be taxed as business income - AT

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  1. Nature of income - entire building was leased to tenants registered under the Software Technology Parks Scheme - Various Amenities / services were also provided -...

  2. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

  3. Service charges received by the assessee from tenants - Income from house property or business income - service charges received by the company from the tenants is...

  4. Providing smart card based driving licence and paper based learning licence on behalf of Government of Maharashtra - Business Auxiliary Service / Business Support...

  5. TDS u/s 194-I or 194J - Amount paid towards Rent and amenities would not fall in the category of Fee for technical services - AT

  6. Royalty payment - revenue expenditure or capital expenditure - payment is purely revenue in nature, as they provide for payment of license fee for manufacture and sale...

  7. GST on license fee charged by the States for grant of Liquor licences to vendors

  8. Depreciation on hotel building given on lease – Licence fee receivable taxable as business income - depreciation allowed - HC

  9. Whether variable licence fee - amortized u/s 35ABB - payment of licence fee was capital in part and revenue in part - Capital expenditure will qualify for deduction as...

  10. Leasing of property - valuation - nature of charges received towards amenities provided under different agreements - all are part of rent - eligible for statutory...

 

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