WebJul 12, 2024 · The Indian Income Tax Act contains special provisions for taxation of income earned by the minor child. Section 64(1A) of the Income Tax Act, 1961 provides the manner in which income of minor child shall be clubbed with the income of his parent. All the questions and confusions relating to “clubbing of minor income” are answered in … WebClubbing of income is governed by Sections 60 to 64 of the Income Tax Act, 1961. The sections also states that income derived from assets that are directly or indirectly …
BOND WASHING TRANSACTIONS UNDER INCOME TAX ACT, 1961 - The Tax …
WebAs per the provisions of section 64(1A) of the Income-tax Act, 1961, all the income of a minor child has to be clubbed in the hands of that parent whose total income (excluding the income of the minor) is greater. The … 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 … mock cscs exam
Clubbing of Income as a Tax Planning Tool: A Review.
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 ... 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. 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 … mock cscs test for managers