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Income Tax - Highlights / Catch Notes

Home Highlights April 2020 Year 2020 This

Characterization of income - One time membership entrance fees ...

Income Tax

April 30, 2020

Characterization of income - One time membership entrance fees as one time membership fees for life time membership of club (15 years) - membership fee received is liable to spread over the period of time for which such fee is received

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  1. Whether the expenditure regarding club membership and entrance fee is revenue in nature or capital – Deduction u/s 37 of the Income Tax Act - Held as revenue in nature - AT

  2. Exemption u/s 11 - Life Membership Fees claimed as capital receipt of the corpus donation - by no stretch of imagination, membership fee can partake character of...

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  5. Corporate membership fees - revenue in nature or capital? - no reason why the renewal membership fees should not be allowed as revenue expenditure - HC

  6. Revenue receipt or capital receipt - there is no justification to treat the receipt of life membership subscription of the magazine differently other than the income receipt.

  7. Club or Association Service - Admission Fee, Membership Fee, Establishment Expenses, collected by the appellant from its members - amount retained for earning ‘carbon...

  8. Deletion of perquisite u/s 2(24)(vi) - interest free loan to director - interest free money in the form of entrance fee and membership fee available with the company...

  9. 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...

  10. Levy of GST - supply of services - Rotary Club - amount collected as membership subscription and admission fees from members is liable to GST as supply of services

 

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