CHAPTER IV COMPUTATION OF TOTAL INCOME D.— Profits and gains of business or profession Clause  26  Income Tax Bill 2025 Income under head “Profits And gains of business or profession”. 26. (1) The income from any business or profession carried on by the assessee at any time during the tax year shall be chargeable to income-tax… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME C.— Income from house property Clause 22 of Income Tax Bill 2025 : Deductions from income from house property   22(1) The income under the head “Income from house property” shall be computed after allowing the following deductions:–– (a) 30% of the annual value; (b) where the property has… Read More »

CLAUSES 25 of INCOME-TAX BILL 2025 Interpretation CHAPTER IV COMPUTATION OF TOTAL INCOME C.— Income from house property CLAUSES 25 of INCOME-TAX BILL 2025 Interpretation 25. For the purposes of sections 20 to 24, the “owner” in relation to a property shall include–– (a) an individual who transfers without adequate consideration, any property to the… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME CLAUSE 24 of THE INCOME-TAX BILL 2025, Property owned by co-owners (1) For property co-owned with definite and ascertainable share, the co-owners shall not be assessed as an association of persons and their income computed separately as per their respective share under this Chapter shall be included in their… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME CLAUSE 20 of INCOME-TAX BILL 2025. Income from house property (1) The annual value of property consisting of any buildings or lands appurtenant thereto, 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… Read More »