Exemption under section 10(32) of the Income Tax Act comes into play only when the income of a minor child is clubbed (i.e., added) into the income of his parent in terms of section 64(1A). The exemption provisions of section 10(32) are covered under the present article.
ICAI releases Exposure Draft (ED) 70, ‘Revenue with Performance Obligations’, ED 71, ‘Revenue without Performance Obligations’ and ED 72, ‘Transfer Expenses’ of International Public Sector Accounting Standards (IPSAS) Board for public comments At the outset, we would like to inform you that ICAI through its Committee on Public and Government Financial Management (CP&GFM) is involved in the […]
New GST composition scheme which came not as an addition to the earlier existing section 10 of the CGST Act, 2017, but through a notification dated 7th March, 2019 [Notification No. 2/2019 – Central Tax (Rate)].
Provisions under section 64(1)(vii): Where an Individual is assessable for the Income derived from the assets transferred to a person for the benefit of spouse As per section 64(1)(vii) of the Income Tax Act, if an individual (assessee) transfers his/her asset (directly or indirectly) otherwise than for adequate consideration to a person or an association […]
