You are here: Home / News on Leasing
- State tax officers dithering on Supreme Court ruling on inter-state sales- 28th August 2002 – Though the Supreme Court clearly ruled in 20th Century that a lease that causes movement of goods from one state to another is an inter-state sale, the sales-tax department is still hesitant.
- Service tax case weakened: Kerala High Court says sales-tax and service tax can go together – 28th August 2002 – In a ruling relating to mobile phone SIM cards, the Kerala High Court has ruled sales-tax and service tax on leases can go together.
- Supreme Court ruling upholds hire-vendors property rights – Oct 6, 2001 – In a recent Supreme Court ruling, the Court upheld the hire-venodor’s property rights and said no case for theft lies when the owner repossesses hired goods.
- Cricket match flops: the leasing lagaan is on- 10th July 2001 – The leasing lagaan – service tax on lease and hire purchase transactions – is on and has already been notified vide notifications issued on 9th July..
- Karnataka HC ruling deals body blow to tax depreciation on leases- 11th June 2001 – If this ruling is followed by the tax department, it would be difficult in most leases for lessors to claim tax benefits of depreciation.
- Entry tax net thickens with Supreme Court holding excavators and rollers to be vehicles – 7th June 2001 – The Supreme Court has held that for the purpose of entry tax, excavators and road rollers are “motor vehicles”
- Whether software is “goods” -SC is not sure; refers to larger bench – 4th June 2001 – The Supreme Court has transferred to a larger bench the question whether income from sale of software is consideration for “transfer of right to use goods”.
- Sales-tax ruling from AP High Court further affirms no tax on inter-state leases – 4th June 2001 – A ruling from the AP High Court in Coromandal Finance has further strengthened the already clear legal position of sales-tax on leases.
- Service tax proposals passed, official assurance that tax will not be on rentals- 30th Apriil 2001 – Despite all protests and claims as to unconstitutionality, the service tax proposals were passed without any amendment. However, in an official briefing in Mumbai, it has been stated that the levy will not be on rentals.
- Delhi sales-tax on leases: don’t read it, you might simply faint !! – 30th Apriil 2001 – For those who are weak at heart, reading Delhi sales-tax proposals on leasing may be seriously injurious to health: the new law proposes TDS, tax clearance certificate, and a mandatory reporting requirements on all lessees, failing which your lessees may be behind bars !
- Karnataka proposes sales-tax on lease of software – 28th March 2001 – To get its share of the prospering IT industry in the State, Karnataka has proposed a sales-tax on lease of software.
- Maharashtra proposes VAT system of sales-tax on leases – 28th March 2001 – Leases of tax paid goods enjoyed sales-tax exemption in Maharashtra, but no more so, as proposed in State Budget for 2001-2.
- Delhi proposes sales-tax on lease: leaves leasing industry shelter-less – 26th March 2001 – Sales-tax on leases is a big nuisance in India, and the only succour so far was the NCT of Delhi which did not impose tax on leases. The State FM’s Budget proposal will close the only available sales-tax shelter.
- Sales-tax contingency deposit not liable to income-tax – 8th March 2001 – The Allahabad High Court has held in this case that contingency deposits collected pending sales-tax accrual is not liable to tax as income based on collection.
- Repossession of hired machinery from Sick Undertaking permitted – 8th March 2001 – The Calcutta High Court in this case allowed repossession of assets hired to a sick undertaking.
- Rajasthan imposes entry tax on to-lease assets – 8th March 2001 – The entry tax law in Rajasthan imposes entry tax on vehicles being taken into the State for leasing purposes.
- Hire vendor not- liable to motor vehicles tax defaulted by operator – 8th March 2001 – The Supreme Court in this case held that the finance company cannot be denied registration of a vehicle on account of default by hirer in payment of motor vehicles tax..
- Extra shift depreciation is available to lessors – 7th March 2001 – A Calcutta High Court ruling holds that leasing is not equivalent to plying vehicles on hire, to qualify for higher depreciation rates.
- Vehicles leased are not vehicles plying on hire – 7th March 2001 – A Calcutta High Court ruling holds that leasing is not equivalent to plying vehicles on hire, to qualify for higher depreciation rates.
- Tribunal ruling allows provisions to be deductible expense – 6th March 2001 – This is a very significant ruling by the Madras tax tribunal – it allows provisions made as per RBI norms to be deductible expenses.
- Service tax proposal perturbs leasing and hire purchase industry – 6th March 2001 – The Budget 2001 proposal on service tax put leasing industry in the dock. Read full fledged article on this site..
- CBDT circular clarifies lessors’ tax treatment not to be affected by accounting standards – 14th Feb 2001 – By a circular dated 9th Feb., the CBDT has clarified that prime facie, the tax treatment of leases will not be affected by the accounting standard.
- ICAI issues accounting standard on leases – 8th Feb 2001 – The Institute of Chartered Accountants of India has issued Accounting Standard 19 on lease accounting, mandatory for all leases entered into after 1st April 2001.
- Maharashtra interprets SC ruling in 20th Century: warns of forthcoming retrospective amendment – 3rd Jan 2001 – The State Govt. of Maharashtra issued a circular interpreting the SC ruling in 20th Century but at the same time cautioned of a possible forthcoming retrospective amendment of the CST Act.
- SC holds hired vehicles liable for confiscation for narcotics carriage – 28th Dec, 2000 – The Supreme Court in this ruling held that a vehicle taken on hire purchase, if used for illegal trade, will be liable for confiscation though its legal owner is not involved in such misuse..
- 100% depreciation allowed on glass bottles – 27th July, 2000 – he Madras High Court in a recent ruling confirmed 100% depreciation on glass bottles.
- RBI tinkers its way to mending NBFC norms – 30th June, 2000 – On 30th June, RBI made changes in definition of “deposits” and provisioning norms for lease and hire-purchase transactions
- SC ruling on sales-tax on lease transactions puts industry on a mat – 30th June, 2000
- CBDT instructions on depreciation on lease transactions may mean trouble for past leases -30th June, 2000
- Tribunal approves RSEB transaction -30th June, 2000
Scroll to top
