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

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Full Text of the Document

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....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....