I am in receipt of rent from Banquet Hall.
Ownership of hall is with me.
Under which head the above receipt will be taxable?
Is it possible to tax the above receipt under the Profit and Gains form Business and Profession?
pls advice me as early as possible
you can send me mail also my id is
umesh2309jain@gmail.com

Sir

One of my client(X Ltd.) has a business income from taxable security transaction. Current issue is relating to Sec 115 JB and Sec 88E.

Facts

In Sec 115JB, if "tax on total income" is less than 10% of book profit, then 10% of book profit shall be treated as tax which he has to pay.

In Sec 88E, if any individual has a business income from taxable security transaction, STT paid by him is allowable as deduction from tax on total income


Issue

In Sec 115JB, which "tax on income" is taken to compare with 10% of book profit?

Solution: tax after or before deduction u/s 88E

Regards

Akashdeep Singh

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AWAITING FOR YOUR EARLY REPLY.

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