House Property : Municipal Tax
This query is : Resolved
14 October 2010
If an owner paid Advance Municipal Tax for the future years.What is the treatment??
If an owner paid Advance Municipal Tax for the future years.What is the treatment??
Aditya Maheshwari
(Expert)
14 October 2010
allowable on paid basis
Provided that the taxes levied1 by any local authority in respect of the property shall be deducted (irrespective of the previous year in which the liability to pay such taxes was incurred by the owner according to the method of accounting regularly employed by him) in determining the annual value of the property of that previous year in which such taxes are actually paid by him.
Provided that the taxes levied1 by any local authority in respect of the property shall be deducted (irrespective of the previous year in which the liability to pay such taxes was incurred by the owner according to the method of accounting regularly employed by him) in determining the annual value of the property of that previous year in which such taxes are actually paid by him.
taxindiaconnect
(Expert)
19 October 2010
Agreed
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