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of <h1>Amendment to Section 23 of Income-tax Act allows deduction of local taxes for tenant-occupied properties. Effective April 1, 1984.</h1> The amendment to Section 23 of the Income-tax Act, 1961, under the Taxation Laws (Amendment) Act, 1984, modifies the provisions regarding the deduction of local taxes from the annual value of a property. If the property is tenant-occupied, taxes paid by the owner can be deducted in the year they are paid. Additionally, the amendment removes certain clauses preventing the reporting of a loss for residential units and clarifies that deductions for taxes previously allowed cannot be claimed again in the year they are paid. These changes are effective from April 1, 1984.
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