Income Tax - Format of NOC by Female Coparceners to waive off their right/share in HUF property DECLARATION/NOC BY CO PARCENERS OF HUF To Dear Sir, 1) I/we ……………………………………………( Name of Co-Parceners ) hereby declare that I/we are the Co-Parcener of the HUF ……………….. … (Name of HUF) 2) We all the below mentio...
Read MoreIncome Tax - 1. ITR – 1 (SAHAJ) – Applicable for Individual– This form is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources upto Rs. 50 lakh. ♦ Salary/Pension ♦ One House Property ♦ Other sources ♦ Agricultural Income upto Rs.5000. But, this ITR – 1 cannot [&...
Read MoreIncome Tax - Article explains Documents required/checklist for GST registration of Proprietorship, Partnership, Hindu Undivided Family,Limited Liability Partnership, Public Limited Company/Private Limited Company/Unlimited Company, Society/Club/Trust/AOP/BOI and Government Department/Local Authority/Statutory Body. The following documents are required...
Read MoreIncome Tax - As per the definition of ‘Person’ under section 2(31) of the Income Tax Act, 1961, which includes : (i) an individual, (ii) a Hindu Undivided Family, (iii) a company (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, (vii) every artificial juridical person, not [&...
Read MoreIncome Tax - We all know that Gift Tax Act which was introduced from 1st April, 1958 in our country as direct tax, which was repealed from 1st October, 1998. Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by […]...
Read MoreIncome Tax - From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriag...
Read MoreIncome Tax - While accepting “Application for allotment of PAN (Form 49A)” if both the addresses (residence and office) are mentioned in the application form and office address has been selected as communication address, then POA has to be collected for residence as well as office address....
Read MoreIncome Tax - Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan. ...
Read MoreCIT Vs. Smt. Sandhya Rani Dutta (Supreme Court) - CIT Vs. Smt. Sandhya Rani Dutta (Supreme Court) The principal question that we are concerned with here is the capacity of Hindu females to form among themselves a Hindu undivided family. No authorities to support this are brought to our notice; indeed they cannot be, for the concept appears to us to...
Read MoreSri. A.P. Oree Vs ITO (Madras High Court) - Sri. A.P. Oree Vs ITO (Madras High Court) Any partition between the members of the joint family cannot terminate the status of HUF unless it is shown that the joint family property was physically divided in accordance with the agreement or decree of the court. It is the contention of the Income...
Read MoreAlugaddala Kistaiah Pandu Vs ITO (ITAT Hyderabad) - The property was conveyed to assessee after the death of his father in 1955, i.e. before coming into force of Hindu Succession Act, 1950. Accordingly, the property belonged to HUF of assessee and not to assessee-individual. Therefore, the assessment order passed under section 147 for difference in s...
Read MoreB. M. Sarin Vs ACIT (ITAT Delhi) - In the given case, the Karta of the HUF, Mr. BM Sarin is more than 70 years old and has closed his business. The notices were sent through emails but the assessee being a senior citizen could not look into those emails....
Read MoreShri S. Krishnappa (HUF) Vs DCIT (ITAT Bangalore) - The issue raised by the assessee that the HUF was not in existence when the assessment proceedings have been conducted and the Assessment Order has been passed on HUF and therefore, the entire proceedings are rendered null and void and it should be held that the Assessment Order is bad in law on the...
Read MoreRBI/2010-11/344 DGBA. CDD. No. H-4311/15.02.001/2010-11 - (27/12/2010) - Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be ...
Read MoreNotification No. 49/2010-Income Tax - (09/07/2010) - Notification No. 49/2010-Income Tax In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes, modifying the permitted modes of filing return of income (ROI) for (i) companies and (ii) individuals and Hindu Undivided Families (HUF) which are li...
Read MorePRESS RELEASE No.402/92/2006-MC - (30/09/2009) - The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual o...
Read MoreCIT Vs. Smt. Sandhya Rani Dutta (Supreme Court) -
Sri. A.P. Oree Vs ITO (Madras High Court) -
Alugaddala Kistaiah Pandu Vs ITO (ITAT Hyderabad) -
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