Society income tax on telecom tower income.
This query is : Resolved
10 November 2013
Hi,
Our society has installed 2 telecom towers on our society terrace. Our tax consultant has informed us that income from telecom towers are flatly taxable after 30% of standard deduction.
Is there anyway to save tax on this income? Please advice.
Our society has installed 2 telecom towers on our society terrace. Our tax consultant has informed us that income from telecom towers are flatly taxable after 30% of standard deduction.
Is there anyway to save tax on this income? Please advice.
10 November 2013
RENT INCOME FROM SUCH TOWERS IS INCOME FROM OTHER SOURCES AND NOT TAXABLE AT 30%.
tds needs to be deducted when theymake u payment under section 194-I if the gross income excluding service tax leived exceeds rs 1,80,000 p.a or 15,000 pm.
tds needs to be deducted when theymake u payment under section 194-I if the gross income excluding service tax leived exceeds rs 1,80,000 p.a or 15,000 pm.
10 November 2013
Before to answer your query, can you pls let me know the status of your society in IT Deptt. ?
10 November 2013
My society is registered under Housing society act of Maharashtra.
The total income is 1035000/- out of which 115000/- TDS gets deducted. Thus, our CA informed us that we have to make payment on 735000/- (after deduction of 30% SD). The computed amount will further get reduced to TDS deducted amount.
Need to know is there anyway to save the income tax on this income. He informed us that we can save 100% tax on society income but not on Income from other sources, under which Income from Telecom Tower comes.
The total income is 1035000/- out of which 115000/- TDS gets deducted. Thus, our CA informed us that we have to make payment on 735000/- (after deduction of 30% SD). The computed amount will further get reduced to TDS deducted amount.
Need to know is there anyway to save the income tax on this income. He informed us that we can save 100% tax on society income but not on Income from other sources, under which Income from Telecom Tower comes.
10 November 2013
Yes; Tax can be saved but it required the manupuletion as per tax law, therefore, on this portel, I can not give any such consultancy, so its better if you consult to me on my FB page- www.fb.com\info.sjk
Thanks
Sanjeev
Thanks
Sanjeev
10 November 2013
I cannot act in the public forum as our code of conduct don't allowed this to us.
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