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of <h1>Comparison of Section 26, Income Tax Act 1961, with Clause 24 of Proposed 2025 Bill: Co-Owned Property Taxation</h1> The analysis compares Section 26 of the Income Tax Act, 1961, with Clause 24 of the proposed Income Tax Bill, 2025, focusing on taxation of income from co-owned properties. Both provisions aim to establish clear taxation guidelines, prevent double taxation, and ensure fair tax distribution among co-owners. Clause 24 introduces simplified language and structure, broadening property coverage and clarifying relief provisions. It retains the principle of separate assessment and definite shares, offering a more streamlined process for taxpayers and administrators. The modernized Clause 24 is expected to improve compliance and administration efficiency.
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