29 December 2021
Due to covid conditions, a client who normally received Rs 12,00,000 as rent from commercial property and house property received only Rs 350,000 during the financial year 2019-20. Can he declare only the rent received as the rental receipts? Can the experts throw light on the provisions of the Income Tax Act,regarding this?
29 December 2021
The Income-tax Appellate Tribunal has given this ruling in respect of a case pertaining to Navi Mumbai based leasing company. This will have an impact as many restaurants, shop owners and even house owners had either renegotiated rents. In what could become an important aspect at a time when several renting contracts are being renegotiated and tenants are defaulting on rent, an Income-tax Appellate Tribunal has ruled that tax is only applicable when the rent income is actually received.
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