(1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently from a tenant shall deemed to be the income from house property in respect of the tax year in which such rent is received or realised.(2) The amount deemed to be income from house property under sub-section (1) […]

(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 total income.(2) The relief available under section 21(6) shall be provided as if each co-owner is individually

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 spouse (except under an agreement to live apart), orto a minor child (other than a married daughter);(b) the holder of an impartible estate;(c) a member of a

(1) The income from any business or profession carried on by the assessee at any time during the tax year shall be chargeable toincome-tax under the head “Profits and gains of business or profession”.(2) The income under sub-section (1) shall include––(a) the profits and gains of any business or profession carried on by the assessee

The income referred to in section 26 shall be computed as per the provisions of sections 28 to 60, except section 58.

(1) The following amounts shall be allowed as deduction in respect of premises, machinery, plant or furniture, wholly and exclusively, used for the purposes of the business or profession:––(a) any premium paid in respect of insurance against risk of damage or destruction thereof;(b) land revenue, local rates or municipal taxes paid;(c) rent paid, when the

(1) The following sums, when paid by the assessee as an employer, shall be allowed as deduction in computing income chargeable under section 26:––(a) any contribution paid to a recognised provident fund or an approved superannuation fund, subject to––(i) the limits as prescribed for recognising the provident fund or approving the superannuation fund; and(ii) the

The following sums shall be allowed as deduction in computing income chargeable under section 26, being premium paid:––(a) by any assessee in respect of insurance against risk of damage or destruction of stocks or stores used for the purposes of business or profession;(b) by a federal milk co-operative society to effect or to keep in

(1) The amount mentioned in column C of the Table below, in respect of any provision for bad and doubtful debts made by the assessee specified in column B thereof, shall be allowed as a deduction in computation of income chargeable under section 26. Sl No. Specified Assessee Amount of Deduction A B C 1

(1) The following amounts shall be allowed as deduction in computing income chargeable under section 26:––(a) bonus or commission paid to an employee for services rendered, but only when such sum would not have been payable to the employee as profits or dividend if it had not been paid as bonus or commission;(b) interest paid