In the context of income tax, the term “fair rent” refers to the hypothetical rent
MUNICIPAL VALUATION
Municipal valuation, also known as rateable value or annual value, is the estimated rental income
GROSS ANNUAL VALUE [ SEC.23(1)]
Gross Annual Value (GAV), also known as Annual Value, is a crucial component in determining
BASIS OF COMPUTING INCOME FROM A LET-OUT HOUSE PROPERTY
The income from a let-out house property is computed under the head “Income from House
WHO IS OWNER
Section 22 of the Income Tax Act, 1961 deals with income from house property. It
INCOME FROM HOUSE PROPERTY
CHARGEABILITY [ SEC.22] Section 22 of the Income Tax Act, 1961, deals with the
Consequences of demerge / amalgamation
Demergers and amalgamations are corporate actions that can have significant consequences for both the companies
Amount of deduction
The amount of deduction refers to the reduction in a taxpayer’s taxable income. Deductions are
Return of income
A return of income (role ) is a document that taxpayers submit to the government
Conditions
The word “conditions” has multiple meanings depending on the context. Here are some of the