landlord

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However while computing tax on non-agricultural income agricultural income is also taken into consideration. Full Article

An amendment in the Development Control Regulation 33 (9) pertaining to cluster redevelopment has given tenants of old, cessed buildings in the island city the right to select their own builder. However, the ultimate power to sanction such schemes still rests with the landlords as without their consent no redevelopment can take place. Full Article

SUMMARY OF CASE LAW Where the assessee was giving space with services and facilities, which were varied and wide, such activities together would definitely constitute an organized structure for making profits, and the same would necessarily constitute a business. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH `A’: MUMBAI, In The case of: Gesco Corpn. [...] Full Article

SUMMARY OF CASE LAW Exploitation of the property by one of the group concerns cannot be construed as exploitation by the assessee-company; the commercial asset has to be exploited by the assessee in the course of its business activity for the purpose of claiming the income as business income.  CASE LAW DETAILS Decided by: ITAT, [...] Full Article

CASE LAW DETAILS Decided by: ITAT, INDORE BENCH, INDORE, In The case of: J. C. Bansal v. TRO, Appeal No. : ITA Nos. 115 to 117/Ind/2005, Decided on: May 23, 2008  RELEVENT PARAGRAPH  20. On examination of the license agreement and schedule attached with the same, we find that entire factory building along with plant [...] Full Article

While in Hamilton’s case the Court laid down the ratio that the rent of the past year increased retrospectively shall be the annual rent of the said past year or years but cannot be said to be the annual rent of the year in which the said amount was received whereas in the Hope India’s [...] Full Article

CIRCULAR NO 4/2008 It has been decided that tax deduction at source (TDS) under sections 194-I of Income Tax Act would be required to be made on the amount of rent paid/payable without including the service tax. Full Article

TAXING rent from house property has always been a taxing issue for the Income Tax Department. In the latest case the Revenue wanted to tax notional interest income on refundable interest-free deposit made by the tenant with the landlord u/s 28(iv) but the High Court has dismissed the same as the relevant Section 23(1)(a) does not contemplate taxing such income. The HC also observed that in a taxing statute it would be unsafe for the Court to go beyond the letter of the l.. Full Article