Taxability of storage income
This query is : Resolved
13 October 2012
A company is charging Fixed storage Fee for the storage of goods and also charging a veriable packaging fee for packing of such goods. whether the fixed storage fee is chargeable under HOuse Porperty or Under Business or Profession?????
13 October 2012
According to Provisions of Income tax relating to depreciation, Storage houses is treated as a plant, so income from storage fees received shall be chargable as Income from Business or Profession.Cold rooms chains or cold storages are treated as plant and hiring of these, chargable under Business Income.
13 October 2012
Sir, if the storge are not like of Cold storages then what will be treatment actually the good are of footwear type and assessee provdies for such goods storage facility and porvide packing facility.
14 October 2012
If the foot wares are stored in a premises and rent is recoverable, then it is chargeable under House properity, provided that the company is not engaged in business of renting of premises for foot wares. And so far as concern to variable packing charges and both storage and variable packing charges are separately charged, variable packing charges will be chargeable under business income.
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