Income Tax : Income transferred without transferring the underlying asset remains taxable in the hands of the transferor. The provisions ensure...
Income Tax : The Finance Bill corrects an inadvertent drafting error in spouse income provisions. This clarification improves accuracy in apply...
Income Tax : Clubbing of income rules (Sections 60-64) in tax law prevent income diversion. Covers transfer of income without asset, revocable ...
Income Tax : Learn about Section 60-64 of the Indian Income Tax Act regarding income clubbing, which prevents tax evasion through asset transfe...
Income Tax : Learn how income from a spouse, minor child, or HUF is clubbed under Section 64 of the Income Tax Act, affecting tax liabilities. ...
Goods and Services Tax : The issue highlights the complexity and impracticality of applying clubbing provisions between spouses in modern financial systems...
Income Tax : The ITAT Chennai has ruled that capital gains tax cannot be levied on a minor's share of property sale proceeds if the funds are d...
Income Tax : In the case of Ketan Prabhulal Dalsaniya Vs DCIT, ITAT Indore rules that once the business income of the wife is accepted during s...
Company Law : ROC Delhi levied penalties for not preparing and keeping minutes and attendance registers for seven board meetings, stressing the ...
In the case of Ketan Prabhulal Dalsaniya Vs DCIT, ITAT Indore rules that once the business income of the wife is accepted during scrutiny, the AO cannot tax the husband again, stating the wife wasn’t the one carrying the business.
Explore Section 64 of the Income Tax Act, 1961, to grasp when the income of a spouse, minor child, etc., is included in an individual’s income. Learn the crucial circumstances.
MEANING: Clubbing of Income as the term suggests it means adding the income of other person’s income in the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act. Though, there are certain restriction to specified person and to specified scenario which are mandatorily […]
Provisions under section 64(1)(viii) Clubbing provisions on the Income from Assets Transferred to a Person tor the Benefit of Son’s Wife By the virtue of section 64(1)(viii) where an individual (assessee) has transferred an asset to any person or AOP (association of persons) for the benefit of his or her son’s wife without any adequate […]
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 […]
Applicability of clubbing provisions where Income is derived from the separate property converted into Joint Family Property and subsequent Partition- Section 64(2). Transactions covered by Section 64(2) by an Individual, who is a member of HUF — In a case where an individual (who is a member of the HUF),— 1. Converts his separate property […]
