Goods and Services Tax : Understand GST recovery issues, DRC-07 compliance challenges, and the impact on taxpayers. Explore solutions for rectification, re...
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. ...
Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...
Income Tax : Applicability of clubbing provisions on the income of a Minor Child ♦ The income of minor child will be clubbed in the income of...
Income Tax : Clubbing Provisions on the income from the asset transferred to Spouse Clubbing of income means the inclusion of income of a perso...
Income Tax : Kerala High Court held that income received by Co-operative Society by way of interest, on deposits of surplus profits earned by i...
Income Tax : Karnataka High Court held that department appeal under section 377 of Cr.P.C. against sentence on the ground of its inadequate dis...
Custom Duty : CESTAT Ahmedabad held that waste and scrap, even if exceeding SION norms, are exempt from customs duty provided they are cleared w...
Income Tax : Read the detailed analysis of ITAT Bangalore's decision in Jayanti Vasishta vs ITO allowing indexed cost of construction for a pen...
Corporate Law : Assessee-company was a public company principally engaged in the business of manufacturing and marketing of grey cement, building ...
Corporate Law : Explore the new Competition Commission of India (CCI) Lesser Penalty Regulations 2024. Learn about conditions, procedures, and ben...
Corporate Law : Stay informed about the latest IRDAI notification on de-notifying arbitration clauses in insurance tariffs for Fire, Motor, Engine...
ITAT Indore held that the credit of the tax collected at source should be given to the person in whose hands the income is rightfully and finally assessed to tax in accordance with law, irrespective of the person in whose hands the TDS/TCS certificate has been issued at first place.
ITAT Raipur held that cooperative society is entitled for claiming deduction u/s. 80P(2)(d) of the Income Tax Act in respect of dividend received on shares of cooperative banks.
CESTAT Mumbai held that service tax paid on services received from overseas service providers in foreign countries duly refundable as the same cannot be fastened with the liability of service tax as a ‘deemed service provider’ in India.
CESTAT Delhi held that the service tax is not applicable to the services provided in the State of J&K irrespective of the service provider being from the said State or otherwise. Accordingly, service tax is not leviable on Consulting Engineering Services rendered to the clients for construction of road in the State of J&K.
Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the hands of a minor child will be added to the parent’s total income.
Delhi High Court held that case can duly be transferred from Jurisdictional Assessing Officer to Central Circle by way of passing order under section 127 of the Income Tax Act.
Applicability of clubbing provisions on the income of a Minor Child ♦ The income of minor child will be clubbed in the income of that parent (mother/father) whose total income [excluding the income of the minor child under section 64(1A)] is greater. ♦ In a case where the income of the minor child is once […]
Clubbing Provisions on the income from the asset transferred to Spouse Clubbing of income means the inclusion of income of a person in the gross total income of the major earner while computing his/her taxable income. In general, these clubbing provisions are applicable among family members. The income of a spouse, child are clubbed together […]
In computing the gross total income of an individual after 31.05.1973, income arising whether directly or indirectly from the assets transferred to son’s wife for inadequate consideration shall be clubbed in the income of that individual.
There are certain occasions when the income of your spouse gets clubbed with your income. So, if you are planning to transfer any of your income or any asset to your spouse to avoid the associate tax on such income, hold on. There are certain specified situations when the income of both the husband as […]
