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Home Highlights February 2016 Year 2016 This

Substitution of new section for sections 25A, 25AA and 25B.- It ...


New Tax Rules: Rent Arrears and Unrealized Rent Now Taxable at 30% Upon Receipt, Regardless of Property Ownership Status.

February 29, 2016

Act Rules     Bill

Substitution of new section for sections 25A, 25AA and 25B.- It is proposed to provide that the amount of rent received in arrears or the amount of unrealised rent realised subsequently by an assessee shall be charged to income-tax in the financial year in which such rent is received or realised, whether the assessee is the owner of the property or not in that financial year. - It will be taxable @30% after allowing deduction

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