02-06-2011, 09:38 PM
As per ITO, 2001 Rent is taxable on receipt basis, therefore Rent "Received in Advance" shall be taxable in the year of receipt however in the subsequent years there will be No "Receipt" therefore no tax.
As far as reference is concerned refer Sections 15 and 16 of ITO, 2001.
Hope this answered your query.
As far as reference is concerned refer Sections 15 and 16 of ITO, 2001.
Hope this answered your query.
