Income from hp or business income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2011 whether rent received in advance is taxable in the year of receipt or subsequent year which it is pertains.
Please provide me link with your suitable answer for individual assesee

A) if income classified as hp income
b) if income is classified as business income

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

19 August 2011 A) Under the Income tax act,1961 advance rent received is included in the annual value of the year in which receipt takes place. As per clause 28 of the DTC Bill, the amount of rent received in advance shall be included in the gross rent of the financial year to which the rent relates. This is at departure from the 1961 Act.
B) If mercantile system is followed, advance will be assessed in the year to which it belongs.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

K.Govindarajan

Prakash J C

Sharang Sanjay Mangalekar

ATUL MAKWANA

Leena

Subscribe Now

Income from hp or business income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

GST CONSULTANT

Accountant

Manager- Finance and Compliance

CA Final

GST CONSULTANCY