Section 23 Income Tax Act 2025 Arrears of rent and unrealised rent received subsequently. 23. (1) The amount of arrears of rent received by an assessee from a tenant, or the unrealised rent realised subsequently from a tenant, shall be deemed to be the income from house property in respect of the tax year in… Read More »
Section 22 Income Tax Act 2025 Deductions from income from house property. 22. (1) The income under the head “Income from house property” shall be computed after making the following deductions:— (a) 30% of the annual value as determined under section 21; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed… Read More »
Section 21 Income Tax Act 2025 Determination of annual value. 21. (1) For the purposes of section 20, the annual value of any property shall be deemed to be the higher of the following:— (a) the sum for which it might reasonably be expected to let from year to year; or (b) the actual rent received… Read More »
Section 20 Income Tax Act 2025 C.-Income from house property Income from house property. 20.(1) The annual valueof property consisting of any buildingsor lands appurtenantthereto, owned by the assessee shall be chargeable to income-tax under the head “Income from house property”. (2) The provisions of sub-section (1) shall not apply to such portions of the… Read More »
Section 19 Income Tax Act 2025 Deductions from salaries. 19. (1) The income chargeable under the head “Salaries” shall be computed after making the deductions in respect of sums of the nature mentioned in column B of the following Table, not exceeding the amount as mentioned in column C thereof:— TABLE Sl. No. Nature of… Read More »
Section 18 Income Tax Act 2025 Profits in lieu of salary. 18. (1) For the purposes of this Part, “profits in lieu of salary”includes,— (a) the amount of any compensationdue to, or received by, an assessee from his employer or former employer at or in connection with the— (i) termination of his employment; or (ii) modification of… Read More »
Section 17 Income Tax Act 2025 Perquisite. 17. (1) For the purposes of this Part, “perquisite” includes— (a) the value of rent-free accommodation provided to the assessee by his employer computed in such manner as may be prescribed; (b) the value of any accommodation, computed in such manner as may be prescribed, provided to the assessee… Read More »
Section 16 Income Tax Act 2025 Income from salary. 16. For the purposes of this Part, “salary”includes— (a) wages; (b) any annuity or pension; (c) any gratuity; (d) any fees or commission; (e) perquisites; (f) profits in lieu of, or in addition to, any salary or wages; (g) any advance of salary; (h) any payment received by an… Read More »
Section 15 Income Tax Act 2025 B.-Salaries Salaries. 15. (1) The following incomeshall be chargeable to income-tax under the head “Salaries”:— (a) any salary duefrom an employer to an assessee in the tax year, whether paidor not; (b) any salary paidor allowedto him in the tax year by or on behalf of an employer though… Read More »
Section 14 Income Tax Act 2025 Income not forming part of total income and expenditure in relation to such income. 14. (1) Irrespective of anything to the contrary contained in this Act, for the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee… Read More »