05 January 2018
Hi Experts Inrespect of a Primary Agricultural Credit Co Operative Soceity received rent arrears of FY 14-15 during FY 16-17 whereas the remaining period rent still not recieved.In this case whether the Soceity is liable to pay tax on the rent realised during FY 16-17, Whether any relief or adjustments possible.Please advice
06 January 2018
Yes Society is liable to pay on the realised rent during the FY 16-17. The 30% statutory deduction will be available against this rent.
CAclubindia
