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Month: June 2019
Complaints for Banking Services
If you have a complaint for deficiency in service by bank unresolved for a month, it may help to visit Banking Ombudsman bankingombudsman.rbi.org.in for help.
Alternatively, you may give a missed call to 14440 for further action
INCOME TAX ON CELL TOWER RENT WHICH IS ILLEGAL UNDER BYE LAW 169
Many cooperative societies have rented a portion of their respective terrace for cell tower installation. In the income tax such earning should be shown as income from house and not from other source of income. in income return one should show the cell tower space rent as “income from house property” and can get 30% set off in computation of taxable income. In case cell tower rent is shown as “Income from other sources” or “income from business” the 30% set off will not be allowed. Since terrace is a portion of “house”, such income from House property is justified.
However, Bye Law 169 prohibits renting of common areas, therefore, such earning are illegal earning. Therefore, an offence.
Audit of many societies are in progress. Take proper care for computation of taxable income.
Dr P K Banerjee drpkbanerjee@hotmail.com
982 097 4449 / 8850 771 660
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