Taxation of arrears of rent: clause mainstreams treatment, taxes on receipt, and preserves standard deduction. Proposed Clause 23 treats arrears of rent and unrealised rent as income from house property taxed in the year of receipt or realisation, preserves ... Summary
Taxation of arrears of rent: clause mainstreams treatment, taxes on receipt, and preserves standard deduction.
Proposed Clause 23 treats arrears of rent and unrealised rent as income from house property taxed in the year of receipt or realisation, preserves applicability despite change of ownership and the 30% standard deduction, and reorganises provisions into distinct subsections for chargeability, inclusion in total income, and deductions while substituting "tax year" for "financial year" and simplifying language to reduce interpretive ambiguity.
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TaxTMI 
TaxTMI 
