Income Tax : Employer’s contribution and Employees’ contribution in India are governed by EPF Act, 1952. The employees’ contributions are...
Income Tax : A trust is said to be an instrument of safeguarding the interests of beneficiaries especially when the beneficiaries are minor and...
Income Tax : 1. Types of private trusts for the purpose of return filing. 2. Type of return for private trusts for efiling/manual filing 3. Tax...
Income Tax : This paper aims at bringing out the intricacies of prosecution of offences contained in the Income Tax Act, 1961 and their compoun...
Income Tax : Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004, has in the pre...
Employer’s contribution and Employees’ contribution in India are governed by EPF Act, 1952. The employees’ contributions are obtained by employer @12% and along with equal contribution are deposited with the PF trust or PF commissioner at the designated bank account by the latter.
A trust is said to be an instrument of safeguarding the interests of beneficiaries especially when the beneficiaries are minor and not capable of protecting their interest. Any person who is a major and is competent to enter into a contract can be a settlor or the person intending to form a trust. Why to create a private trust? How to register a trust? FAQs (frequently asked questions about trust)? Taxation of a private trust
1. Types of private trusts for the purpose of return filing. 2. Type of return for private trusts for efiling/manual filing 3. Tax rate applicable for trusts mentioned above. 4. Is PAN mandatory for private trusts? How to obtain PAN for private trust? 5. How to calculate tax in the case of private specific trusts and whether more than 1 return has to be filed, in the case of multiple beneficiaries, by the trustee(s)?
This paper aims at bringing out the intricacies of prosecution of offences contained in the Income Tax Act, 1961 and their compounding. This paper further minutia the various guidelines issued by the CBDT in this regard. The readers are cautioned to take proper care and consultation before acting on the material contained in this article.
Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004, has in the previous year paid or deposited any amount in his account under a pension scheme as notified vide Notification No. F.N. 5/7/2003-ECB & PR, dated 22-12- 2003, he shall be allowed a deduction in the computation of his total income, of the whole of the amount so paid or deposited as does not exceed ten per cent of his salary in the previous year.
