2024 Indian Finance Bill clarifies that rental income from residential properties will be taxed under 'income from house property' from Apr 1, 2025, to prevent underreporting.
Indian Finance Bill 2024 clarifies that all rental income from residential properties should be taxed under 'income from house property' instead of 'income from business and profession'. This change, effective from Apr 1, 2025, aims to prevent underreporting of rental income and ensure taxpayers follow proper taxation guidelines. The amendment applies to assessment years from 2025-26 onwards.
July 23, 2024
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