Day: April 28, 2022

The Income/ Loss from House Property is computed in the following manner:- 1. Gross Annual Value (i.e. Actual Rent or Expected Rent, whichever is higher) xxx (Less) 2. Municipal and Other taxes paid to Local Authority (xxx) 3. Net Annual Value (1-2) xxx (Less) 4. Deductions allowed under Section 24…

Set off of losses Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. A…