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of <h1>Union Budget 2024-25 amends Section 28 to ensure rental income is correctly reported for proper taxation. Effective April 2025.</h1> The Union Budget 2024-25 proposes an amendment to Section 28 of the Income Tax Act to address the misreporting of rental income. Taxpayers have been incorrectly declaring income from letting out residential properties under 'Profits and gains of business or profession' instead of 'Income from house property,' thereby reducing their tax liabilities. The amendment clarifies that such income should be reported under 'Income from house property' to ensure proper taxation. This change will be effective from April 1, 2025, applicable to the assessment year 2025-26 onwards.
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