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 : In computing the gross total income of an individual after 31.05.1973, income arising whether directly or indirectly from the asse...
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...
Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune) ITAT explains Provisions of Clubbing of Income of Wife with Husband- Allows Losses of F&O Business of Wife to be clubbed with Income of Husband Where the spouse (husband) of an individual (wife) transfers some assets otherwise than for adequate consideration or in connection with an agreement to […]
Inclusion of others Incomes in the income of the asses see is called Clubbing of Income and the income which is so included is called Deemed Income. It is as per the provisions contained in Sections 60 to 64 of the Income Tax Act.
Nowadays, it is observed that a lot of young talented kids are being hired in different fields like acting, singing, choreographing, etc., and they are paid handsome amount for their skill and talent. The question arises is whether the income earned by these children are taxable and if yes, in whose hands, will it be taxable.
Whether the provisions of section 64(1A) of the Income Tax Act, 1961 require an amendment to provide for exemption from clubbing of minor’s income accruing by way of interest on the amount deposited by one of the parents of the minor child as maintenance, at the hands of parent/guardian, under an order of the Court.
Anjali Goyal In My Previous Article titled Clubbing of Income and related provisions- Part I I have discussed the meaning of Clubbing, When it is applicable, and some of the provisions related to Clubbing. In this article I have further covered the remaining provisions :- Analysis of ‘Revocable’ transfer of asset As per the provisions […]
Anjali Goyal What is Clubbing of Income? Clubbing of Income is basically the concept of imposing tax on other person than the actual recipient of the income where other person is the transferor who diverted such income or transferor of the transferred asset out of which income has been generated. When concept of clubbing of […]
