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I.T. vs DTC: Tax Deductions Comparison by sharma.shalinee1626 is a document available to read on EtoBox.

The document compares certain deductions and allowances under the Indian Income Tax Act of 1961 and the proposed Direct Tax Code of 2010. Some key differences summarized are: 1. Under the DTC, house property income is taxable only when rent is received, whereas under I.T. Act it is taxed on deemed basis even when not let out. 2. The DTC allows a deduction of up to Rs. 1.5 lakh for interest on home loans for self-occupied properties, similar to the I.T. Act. 3. The DTC limits deductions for life insuran

Author

sharma.shalinee1626

Language

EN