Business expense deductions: entertainment, charitable and political contributions, travel and weighted research donations reduce taxable income with conditions.
Entrepreneurs can claim deductions for ordinary business expenses-including entertainment where business is discussed, charitable donations to specified institutions with non-cash payment requirements above a threshold, political contributions subject to mode and an upper limit relative to gross income, business travel costs reduced for personal side trips, and weighted deductions for scientific research contributions to approved bodies-provided adequate receipts and records are maintained and total deductions do not exceed gross total income. (AI Summary)

Annual value taxation of house property: rules for computing taxable value and allowable section 24 deductions.
Income from house property is taxable under the annual value concept, determined as the higher of expected rent or actual rent received where greater, with exclusions such as municipal tax recovered from tenant, notional interest on deposits and tenant carried repairs. Annual value is nil for a self occupied dwelling or a sole residential house when the owner resides elsewhere for employment or business. Net Annual Value is GAV less municipal taxes and permitted unrealized rent adjustments. Deductions under section 24 include a standard percentage deduction of NAV, prescribed deductions for interest on borrowed capital with special rules for acquisition/construction, and full interest deduction for let out property subject to spread of pre possession interest. (AI Summary)