Section 60 discusses clubbing of income when the ownership of an asset is not transferred but the income from the asset is transferred to another person. Section 61 discusses clubbing of income from revocable transfers of assets. Section 62 provides exceptions for transfers made via a trust or more than 6 years ago. Section 63 defines "transfer" and "revocable transfer". Sections 64(1) and 64(1A) discuss clubbing the income of a spouse, son's wife, or minor child in certain situations such as transfers of assets without adequate consideration.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Objectives & Agenda :
To know when income will be taxable in India and to understand the determination of residential status for individuals, HUF, Firms, AOP/BOI and Companies. To analyse the concept of POEM in relation to determination of residential status of Company.
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
Meaning of agricultural Income, Examples, Non Agricultural Income , Is Agricultural Income taxable? Case study, Examples of Agricultural Income and Non-Agricultural Income
Clubbing of Income under Income Tax Act, 1961 with FAQstaxguru5
"Clubbing of income means Income of other person included in assessees total income, for example Income of husband which is shown to be the income of his wife is"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/income-tax/clubbing-of-income-under-the-income-tax-act-1961.html
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Objectives & Agenda :
To know when income will be taxable in India and to understand the determination of residential status for individuals, HUF, Firms, AOP/BOI and Companies. To analyse the concept of POEM in relation to determination of residential status of Company.
Every assessee earning more than the basic exemption are eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilemt of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which are essential for Individuals, HUF and Firms for the purpose of claiming deductions against their total income.
Meaning of agricultural Income, Examples, Non Agricultural Income , Is Agricultural Income taxable? Case study, Examples of Agricultural Income and Non-Agricultural Income
Clubbing of Income under Income Tax Act, 1961 with FAQstaxguru5
"Clubbing of income means Income of other person included in assessees total income, for example Income of husband which is shown to be the income of his wife is"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/income-tax/clubbing-of-income-under-the-income-tax-act-1961.html
Income Of Other Persons, Included In Assesses Total IncomeAdmin SBS
Who is an assessee?
Extract of sec 2(7)(a)
Assessee means a person by whom any tax or any other sum of money is payable under this Act, and includes
every person in respect of whom any proceeding under this Act has been taken for the assessment of HIS income or
of the Income of any other person in respect of which he is assessable
or of the loss sustained by him or by such other person
or of the amount of refund due to him or to such other person
When can other person’s income be assessed in an assessee’s hand? - T. N. PandeyD Murali ☆
When can other person’s income be assessed in an assessee’s hand? - T. N. Pandey - Article published in Business Advisor, dated January 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
S&A Knowledge Series - Important Disallowances under sec 40A income taxDhruv Seth
Please find attached a writeup on disallowances under Sec 40A of the Income Tax Act.
Under this section two of the most violated provisions of the law have been explained in simple terms for easy reading. We believe this would help you with tertiary knowledge to avoid making these common errors.
Transactions with related parties.
Cash Transactions.
2137ad Merindol Colony Interiors where refugee try to build a seemengly norm...luforfor
This are the interiors of the Merindol Colony in 2137ad after the Climate Change Collapse and the Apocalipse Wars. Merindol is a small Colony in the Italian Alps where there are around 4000 humans. The Colony values mainly around meritocracy and selection by effort.
The Legacy of Breton In A New Age by Master Terrance LindallBBaez1
Brave Destiny 2003 for the Future for Technocratic Surrealmageddon Destiny for Andre Breton Legacy in Agenda 21 Technocratic Great Reset for Prison Planet Earth Galactica! The Prophecy of the Surreal Blasphemous Desires from the Paradise Lost Governments!
Explore the multifaceted world of Muntadher Saleh, an Iraqi polymath renowned for his expertise in visual art, writing, design, and pharmacy. This SlideShare delves into his innovative contributions across various disciplines, showcasing his unique ability to blend traditional themes with modern aesthetics. Learn about his impactful artworks, thought-provoking literary pieces, and his vision as a Neo-Pop artist dedicated to raising awareness about Iraq's cultural heritage. Discover why Muntadher Saleh is celebrated as "The Last Polymath" and how his multidisciplinary talents continue to inspire and influence.
The perfect Sundabet Slot mudah menang Promo new member Animated PDF for your conversation. Discover and Share the best GIFs on Tenor
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thGAP - BAbyss in Moderno!! Transgenic Human Germline Alternatives ProjectMarc Dusseiller Dusjagr
thGAP - Transgenic Human Germline Alternatives Project, presents an evening of input lectures, discussions and a performative workshop on artistic interventions for future scenarios of human genetic and inheritable modifications.
To begin our lecturers, Marc Dusseiller aka "dusjagr" and Rodrigo Martin Iglesias, will give an overview of their transdisciplinary practices, including the history of hackteria, a global network for sharing knowledge to involve artists in hands-on and Do-It-With-Others (DIWO) working with the lifesciences, and reflections on future scenarios from the 8-bit computer games of the 80ies to current real-world endeavous of genetically modifiying the human species.
We will then follow up with discussions and hands-on experiments on working with embryos, ovums, gametes, genetic materials from code to slime, in a creative and playful workshop setup, where all paticipant can collaborate on artistic interventions into the germline of a post-human future.
2137ad - Characters that live in Merindol and are at the center of main storiesluforfor
Kurgan is a russian expatriate that is secretly in love with Sonia Contado. Henry is a british soldier that took refuge in Merindol Colony in 2137ad. He is the lover of Sonia Contado.
1. Clubbing of Income
Section 60: Transfer Of Income Without Transfer Of Asset
This section is applicable if the following conditions are satisfied:
• The taxpayer owns an asset
• The ownership of asset is not transferred by him.
• The income from the asset is transferred to any person under a settlement, or
agreement.
If the above conditions are satisfied, the income from the asset would be taxable in
the hands of the transferor
2. Section 61: Clubbing of income in case of revocable transfer of assets
All income arising to any person by virtue of a revocable transfer of assets shall be
included in the total income of the transferor and taxed accordingly.
Section 62: Exceptions to revocable transfer
• If the transfer is by way trust or otherwise and is not revocable during the life time
of the beneficiary or transferee, or
• If the transfer is made before 1/4/1961 and such transfer is not revocable for a
period exceeding six years.
In both the above cases the income shall be charged to tax in the hands of the
transferee provided the transferor does not derive direct or indirect benefit from such
income.
3. Section 63: Definition of “Transfer” and ”Revocable Transfer”
• A transfer shall be deemed to be revocable if it contains any provision for the re-
transfer directly or indirectly of the whole or any part of the income or assets to the
transferor or it gives the transferor a right to re-assume power directly or indirectly
over the whole or any part of the income or assets.
• Transfer include any settlements, trust, covenant, agreement or arrangement
4. Income of Spouse
a) Income received by the spouse will be included in individual’s income when:
i. Salary, commission, fees, etc. in cash / kind from a concern in which such
individual has substantial interest
ii. Where asset (other than house property) is transferred to spouse by that
individual otherwise than for adequate consideration or in connection with an
agreement to live apart
b) Remuneration solely attributed to application of technical / professional
qualification, knowledge & experience of spouse cannot be clubbed
c) When both husband & wife have substantial interest in a concern and both are in
receipt of income by way of salary, etc. from the said concern, such income will
be included in the case of husband / wife whose total income excluding the
income to be clubbed is greater.
Section 64(1): Clubbing of income arising to spouse & son’s wife
5. Income of Son’s Wife
• Income will be included when asset is transferred otherwise than for adequate
consideration
Assets transferred by individual to his spouse / son’s wife are invested by transferee:
a) In any business (not as capital contribution), proportionate income arising to the
transferee attributable to such investment, and
b) As capital contributions in any firm, any interest receivable by transferee
attributable to such investment
Shall be included in the total income of the individual.
Section 64(1): Clubbing of income arising to spouse & son’s wife
6. Section 64(1A): Clubbing of income arising to minor child
1. All income arising / accruing to minor child
2. No clubbing if income accrues / arises to minor child on account of any:
a)Manual work done by him, or
b)Activity involving application of his skill, talent or specialised knowledge &
experience
c)If the minor child is suffering from disability specified u/s 80U
3. If the marriage subsists, in the hands of the parent whose total income is greater
4. If the marriage does not subsist, in the hands of the person who maintains the
minor child.
5. Income once included in the total income of either of parents, it shall continue to
be included in the hands of same parent in the subsequent year unless AO is
satisfied that it is necessary to do otherwise (after giving the other parent an
opportunity of being heard).
7. Other points:-
1. Income out of house property transferred for no consideration to a minor married
daughter, shall not be clubbed in the parents’ hands. [Section 27].
2. The parent in whose hands the minor’s income is clubbed is entitled to an
exemption up to Rs. 1,500 per child. [Section 10(32)]
3. Even though income derived by the minor from manual work or from any activity
involving skill and talent cannot be clubbed, there is no provision to avoid clubbing
of income earned on investment made out of such income.
4. Clubbing of income does not arise when the minor attains majority. In computing
the total income of any individual, income arising to any trust from assets
transferred otherwise than for adequate consideration to extent to which the income
from such assets is for the immediate or deferred benefit of beneficiaries(being
minor child of the assesse) shall not be clubbed, if the trust stipulates that income of
such trust is to be used for the benefit of beneficiaries only after they attain
majority.
SECTION 64(1A)