A house property fully utilised throughout the previous year for self-residential purposes is a property
COMPUTATION OF ANNAUAL VALUE OF TWO SELF OCCUPIED
When it comes to computing the annual value of two self-occupied properties under the Income
INTREST ON BORROWED CAPITAL [SEC.24 (a)]
Interest on borrowed capital is a type of deduction that taxpayers in India can claim
STANDARD DEDUCTION [SEC.24 (b)]-
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