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Income Tax - Highlights / Catch Notes

Home Highlights February 2018 Year 2018 This

Deduction as Municipal Taxes and other charges u/s 24 against ...

Income Tax

February 9, 2018

Deduction as Municipal Taxes and other charges u/s 24 against rental income earned - The expenditure as claimed by the assessee was not covered by the statutory provisions and hence not allowable - AT

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  1. Deduction on municipal taxes – Income declared as income from other sources – claim of expenditure/deduction of actual payment made by the assessee in respect of the...

  2. Income from house property - deductions claimed u/s 24(a) - society charges - If, the amount paid to society charges includes municipal taxes levied by the local...

  3. Deduction u/s. 24(a) equal to 30% - Rental income from fixture, fittings and amenities - separate agreements for let out of the property and for providing amenities -...

  4. Valuation of Rental Income - GST - Deduction of property taxes and other statutory levies - treatment of notional interest on the security deposit - All taxes levied...

  5. Deduction of expenditure incurred in earning income u/s 56 - assessee is a Thrift and Credit Society - the source is inextricable to the nature of the expenditure -...

  6. Deduction of interest from rental income - loan was taken for the purpose of construction of house property - looking to the fact that the assessee took a housing loan...

  7. Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...

  8. Taxability of Rental income earned from lease of building - AO and CIT(A) treated the rental receipts as income from business or profession and also directed to grant...

  9. Addition u/s 24(b) - Claim of expenditure to run the company from rental income - assessee has itself assessed rental income under the head “Income from house property’...

  10. Disallowance of Society Charges paid in respect of property given on leave and license - deduction to be allowed subject to section 24 - no other deduction is allowed - AT

 

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