I TAKEN A SPACE ON RENT IN PVT. LTD. COMPANY
ANNUAL RENT PAID IS RS. 2,40,000/-
BUT SOME PORTION IS LET-OUT ON RENT
ANNUAL RENT RECEIVED IS RS. 2,80,000/-
WHAT IS BASIS OF TAX CALCULATE ON THE INCOME OF 40,000/- (REBATE 30% IS ALLOWED OR NOT?)
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Tax calculation on rent received
Replies (3)
its not house property for you, so it would be normal income and would be added to tax slab normally
agree..taxable at slab rates
Rs 280000 taxable under the head "income from other sources" and u can take deduction of rent payment of Rs 240000 from ur business income.
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