Deduction allowed of municipal taxes on payment basis.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 March 2014
HI Everyone,
The query is that whether municipal taxes deduction only on pyment basis,if our municipal taxes are due in april-14 and paid in april-14. so the deduction is allowed in FY13-14 year or 14-15. please clarify..
The query is that whether municipal taxes deduction only on pyment basis,if our municipal taxes are due in april-14 and paid in april-14. so the deduction is allowed in FY13-14 year or 14-15. please clarify..
24 March 2014
It will be allowed in f.y. 14-15. Deduction for taxes is allowed when paid. both for house property income and profit or loss for business and profession.
24 March 2014
When we talk about Income Tax , deduction is always referred for AY and not for FY. In your case you have paid Municipal Tax in the month of April, 2o14, so deduction is available for AY 2015-16.
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