Lease Income
This query is : Resolved
16 September 2009
Hi
How the income from lease transactions be treated as per Income tax Act and Companies act
How the income from lease transactions be treated as per Income tax Act and Companies act
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.
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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