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House Property : Municipal Tax

This query is : Resolved 
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(Querist)
14 October 2010
If an owner paid Advance Municipal Tax for the future years.What is the treatment??
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Aditya Maheshwari

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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.
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taxindiaconnect

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taxindiaconnect (Expert)
19 October 2010 Agreed
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