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News Misc. - Direct Tax

  • Jan 10, 2019
  • No TDS for long-term property lease premium, says Mumbai’s Income-tax Appellate Tribunal

    In a huge relief to corporates in Mumbai’s Bandra Kurla Complex (BKC), Mumbai’s Income-tax Appellate Tribunal (ITAT) has ruled that lease premium — a one-time amount paid upfront to acquire long-term lease rights — will not attract any TDS. Long-term leases, usually ranging from 60 to 99 years, involve a hefty one-time ‘lease premium’ payment. Tax officials are known to have issued notices claiming TDS for such payments in a large number of cases.