The standard deduction under Section 24(b) of the Income Tax Act, 1961, allows individuals to
DEDUCT MUNICIPAL TAXES
Municipal taxes are a type of tax levied by local governments, such as cities, towns,
COMPUTATION WITH THE HELP OF ILLUSTRATIONS
Computation of income tax involves calculating the taxable income of an individual or entity and
FIND OUT RENT ACTUALLY RECEVIED OR RECEVIABLE
The term “rent actually received or receivable” is used in the context of income tax
STANDARD RENT UNDER RENT CONTROL ACTS
Maharashtra: The Maharashtra Rent Control Act, 1999, defines the standard rent as the rent at
FAIR RENT OF THE PROPERTY
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
REASONABLE EXPECTED RENT [SEC.23 (1) (a)]
Section 23(1)(a) of the Income Tax Act, 1961, deals with the determination of the annual
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