Income Tax : Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs...
Corporate Law : 1. Movable Property – Movable property means property; the location of which can be changed, including things growing on, affix...
Goods and Services Tax : Analysis of Supreme Court Decision in Mother Superior Adoration Convent relating to interpretation of Exemption provisions Introdu...
Corporate Law : Transfer of Property Act is a general law related to transfer of property. It generally deals with immovable property only. Object...
Corporate Law : The word ‘property’ has been derived from a Latin word ‘properietate‘ which means a thing that is owned. T...
Service Tax : The Supreme Court has stayed an order of the Delhi High Court, which stopped the Centre from recovering service tax on renting of ...
Service Tax : The government may lose over Rs 500 crore in service tax this year, as its decision to impose tax on eight new services and amend ...
Finance : A staggering 96.3 million square feet of residential space — or about 80,000 homes — is lying unsold in the Mumbai Metropolita...
Service Tax : In this Budget a retrospective amendment has been introduced in respect of the service of renting out of property for commercial p...
Service Tax : The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. ...
Income Tax : Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabi...
Service Tax : CESTAT Kolkata rules that service tax is not applicable to rent received for immovable property services prior to June 2007. Detai...
Goods and Services Tax : whether the petition filed for disposal of notice for demanding property tax without waiting for disposal of same case by Municipa...
Income Tax : whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rig...
Corporate Law : Laying of underground cable by the mobile service provider is exigible to property tax being a levy for use of land for laying of ...
Corporate Law : Municipal Corporation of Delhi (MCD) order on the new rates of the property tax 1. New property tax rates and conditions will be a...
Corporate Law : From the 1st January 2022, the Mumbai Municipal Corporation shall not levy any tax component of property tax specified in sub-sect...
Corporate Law : Date of payment of property tax for Financial Year 2021-22 on lump sum payment 0f Property Tax with 15% rebate along with 3% (thre...
Fema / RBI : Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated...
Service Tax : Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail Ind...
Section 56 of the Income Tax Act, 1961 provides for taxability of income which is not chargeable to income-tax under any of the heads specified in section 14, items A to E thereof. It provides for such income to be chargeable under the residuary head
The government may lose over Rs 500 crore in service tax this year, as its decision to impose tax on eight new services and amend some existing ones has been challenged in three cases — copyright, immovable property and health check-up services provi
A staggering 96.3 million square feet of residential space — or about 80,000 homes — is lying unsold in the Mumbai Metropolitan Region (MMR), the highest-ever inventory pile-up for the area. Sales are down 38% over last year.
TRENT Ltd and Future Value Retail Ltd have challenged before the AP High Court, the service tax with retrospective effect on renting of immovable property, brought in by the Finance Act, 2010.
These FAQs seek to cover the broad spectrum of issues relating to acquisition and transfer of immovable property in India by a non-resident Indian (NRI) or a foreign national of Indian origin (PIO) or a foreign national of non-Indian origin as also by a person resident in India who is not a citizen of India. In case there are other issues to be resolved, a reference may be made to the Chief General Manager, Foreign Investment Division, Reserve Bank of India, Central Office, Mumbai 400 001.
In this Budget a retrospective amendment has been introduced in respect of the service of renting out of property for commercial purposes. Amendment has been made in the definition of “Renting of immovable property service” to provide explicitly that the activity of renting itself is a renting service. The change has given retrospective effect from June 1, 2007. This treatise seeks to explain the rationale and the background for the retrospective amendment for a proper appreciation of this action in the Budget.
The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. The Government as usual filed an appeal in the Supreme Court and the whole Department is under the impression that by mere filing an appeal in the Supreme Court, the High Court order has become inoperative. So demands, threats, Show Cause Notices are playing wild games in the field. Even the TRU, by a letter dated 15.07.2009 directed the Departmental officers to either pursue the tax payers to pay up the service tax due or take necessary action to safeguard revenue as the dispute has not reached finality and the department has filed an appeal against the order of the Delhi High Court.
Property tax rates in the capital are all set to rise from April 2010. After rejecting the proposal for introducing professional tax, Municipal Corporation of Delhi’s (MCD) standing committee on Monday cleared the proposal to hike property tax.
Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000, as amended from time to time, in terms of which ‘a Person of Indian Origin’ means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan)
Assessees who fulfill all the conditions are entitled to registration cannot be faulted. The contention of the Revenue that the assessees are not registered as an institution and hence not entitled for registration is also without any merit, because, there is no requirement under the Act that an institution
