ITR for Mall Owners
ITR for Mall owners in India can avail several tax deductions while filing their Income Tax Return (ITR). These deductions help in reducing their taxable income, ultimately leading to a lower tax liability.
Three key tax deductions available ITR for mall owners in India are:
1. Property Tax Deduction:
Mall owners can claim a deduction for the property tax paid on their commercial property.
Property tax is levied by local authorities and is based on the property’s assessed value.
This deduction can be claimed as a business expense, reducing the taxable income of the mall owner.
2. Depreciation Deduction:
Mall owners can also claim depreciation on their commercial property and assets. Depreciation embodies a paper loss accounting for the property’s gradual deterioration over its lifespan.
It is allowed as a deduction, thereby reducing the taxable income. Different rates of depreciation apply to different types of assets, so it’s important for mall owners to accurately calculate and claim this deduction.
3. Interest on Loan Deduction:
If mall owners have taken a loan for the construction, purchase, or renovation of the mall property, they can claim a deduction for the interest paid on the loan.
This deduction is available under Section 24(b) of the Income Tax Act. However, the property should be let out or used for business purposes to claim this deduction.
To visit: https://www.incometax.gov.in
It’s important ITR for mall owners to keep accurate records and documentation of their expenses and deductions to ensure a smooth ITR filing process. Consulting a tax professional or financial advisor can also help them maximize their eligible deductions and minimize their tax liability.
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