WebMay 26, 2024 · Section 64 (1A) of the Income Tax Act deals with the income of a minor child, whether a stepchild or adopted child. Here, the minor’s income will be clubbed to the earning parent’s income. However, if the parents are separated or divorced, then the income will be clubbed with that parent’s salary that has the child’s custody. WebApr 4, 2024 · The clubbing provisions are applicable even if there is no intention to reduce tax liability. ... Here, since a minor is suffering from a disability covered by U/s.80U of the Income Tax Act, 1961; his income shall not be clubbed in the income of any of his parents. Eg. 3) Madhuri, a minor, won Rs. 5,00,000/- by participating in a game show.
INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE’S …
WebJul 2, 2024 · Assessment year and previous year. As per Section 2 (9) of the Income Tax Act, 1961, states that assessment year means the 12 month period beginning on the 1st day of April every year. The assessee is required to file the income tax return of the previous year in the assessment year. As per S.2 (34) of Income Tax Act, 1961, unless … WebThe inclusion of some other incomes in the income of the assessee is known as “Clubbing of Income”. Sections dealing with clubbing of income: According to sections 60 to 64 of … dra800
Clubbing of Income under Income Tax Act, 1961 -Section …
WebApr 1, 2024 · The recent changes in the Income-tax Act, 1961 are as follows: • [Insertion] of 5+ new sections o [Important New Sections] include: Section 50AA – Special provision for computation of capital gains in case of Market Linked Debenture and specified mutual funds Section 80CCH – Deduction in respect of contribution to the Agnipath Scheme ... WebMar 1, 2024 · By. Marg ERP Ltd. -. March 1, 2024. 0. 93. Section 45 of the Income Tax Act, 1961 is an important provision that deals with the taxation of capital gains arising from the transfer of capital assets. This provision specifies the circumstances under which capital gains are taxable and the manner in which they are to be calculated. WebJan 27, 2024 · Provisions of Section 64 of the Income Tax Act, 1961, deals with clubbing of income. Section 64 (1) (ii)- Remuneration of spouse from a concern in which the other … radio dzungla doboj online