19 September 2009
depends upon the business of the assessee.
income tax lease of house-IHP(whether business or not) lease of others-PGBP(if business of leasing) lease of others-OS( if not a business.
same in the companies act you have to credit it to p & l account. if business- turnover if not a business- other income.
however in case of Finance Lease the treatment will be different in books of account. the same will be treated as repayment of leased assets. as the lease arrangement will be treated as hire purchase or financing of an asset.
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