Income from property, section 17 ITO & 155

[ejaz bhutta]

Dear Members,
It is nice to see such a fruitfull discussions here.
My understanding of the taxation of Income of Property is given as under

For the tax year 2010

A)Income from property at which tax has been deducted under section 155 shall be considered as FTR. As it is mentioned in section 155(2) (before omission by finance act 2010) that deducted amount will be final tax on such income.
B) If tax is not deducted under section 155 then such Income shall be taxed under NTR as there is no provision in section 15 regarding such income as Income under FTR. As regards section 169 as evident from its title, it deals with income at which the tax is collected or deducted as final tax therefore if there is no deduction at source from the income from property then section 169 becomes irrelevant.

For the Tax Year 2011

The income shall be assessed under NTR as the section 155(2) was omitted by finance act 2010.

Please correct me if there is any misunderstanding on my part, specially comments from Laptop bhai are awaited.

Thanks and regards