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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Collection of Outgoing charges/ facility service charges from ...

Income Tax

July 4, 2019

Collection of Outgoing charges/ facility service charges from the tenants - business income or Income from House Property - since facility service charges were being received by assessee in return of providing specific services like housekeeping, security, etc., same was liable to be assessed as business income.

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  1. 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...

  2. Receipt of commission income from tenant - income of commission received is to be assessed as business income and not as income from house property - AT

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

  4. Income from house property - contributions of the tenants of the property towards sinking fund cannot be assessed as rental income of the assessee. - AT

  5. Renting of immovable property - levy of service tax - dispute between landlord and tenant - tenant refused to pay as per the terms of contract - tenant liable to pay the...

  6. Income from house property - Deduction of Interest paid on security deposit received from the tenants - these interest bearing deposits has been utilized for repayment...

  7. Valuation - Electricity charges collected from the tenants cannot be formed part of the assessable value for the purpose of service tax as provider of renting of...

  8. Income from house property - Vacancy allowance - Tenant stopped payment rent and stopped using the premises but did not handover the possession back to assessee owner - AT

  9. Nature of income - Income received from Strand Book Stall for providing warehousing, binding, shrink wrapping, supervision charges and mailing charges - taxable as...

  10. Income from house property - ALV of property - amounts received under the maintenance agreement - There are certain services provided by the assessee which are common...

 

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