When the owner of the building gets along with the rent of the building, rent or hire of other assets (like furniture) or charges for different services provided in the building (e.g. charges for security, lift, air-conditioning etc.), the total amount so received is called ‘composite rent‘. The tax treatment of composite rent is as follows : When composite rent consists of rent for building and rent hire for other assets (like furniture, television etc.) .....
In this article, we will discuss about the tax provisions of rent arrears received in current financial year of due from previous years. The majority of the tax payers are confused how it is taxable, In which Asstt. year arrears of rent is taxable, is there any interest payable on income tax for default of assessed income. Let’s discuss some of the important points regarding taxability of arrears of rent received. The provisions of rent .....
