Read the given statements and choose the correct option. Statement 1 :Under the Income-tax Act, 1961, a deduction equal to 30% of the annual value is allowed while computing income from house property. Statement 2 :Where the property has been acquired or constructed with borrowed capital, the maximum deduction for interest payable on such capital is capped at 2,00,000, subject to conditions.
Explanation & Strategy
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Under the IT Act: Statement 1 about deduction at source (TDS) on certain payments is correct — specific sections mandate TDS. Statement 2 about advance tax provisions is also correct. Both statements accurately reflect IT Act provisions.