Tax India: FAQs on Clubbing of Income

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What are the consequences for furnishing inaccurate statement of financial transaction or reportable account?
Is there any remedy available under the act, if a person filed inaccurate or defective statement?
What are the consequences of not filing statement of financial transaction or reportable account?
Is there any remedy available under the act, if a person does not file the statement within the prescribed time?
What is the mode and due date for filing of statement of financial transaction or reportable account?
What is the due date for filing of statement of financial transaction or reportable account by prescribed reporting financial institution?
Who is required to furnish statement of financial transactions and reportable accounts?
What is statement of financial transaction or reportable account (previously called as 'Annual Information Return (AIR)'?
Whom to contact in case of any matter relating to PAN?
By mistake I have been using different PANs for different purposes like one for my demat account and another for filing my Income-tax return and payment of taxes. How do I set this right?
Can a person hold more than one PAN?
What is the penalty for not complying with the provisions relating to PAN?
Should I intimate the Income Tax Department if there is any change in the details provided at the time of allotment of PAN?
What is the validity of PAN?
If my PAN card is lost then what to do?
Should I intimate my PAN to deductor i.e. person deducting tax?
Is it mandatory to file return of income after getting PAN?
After making the PAN application how can I check the status of my PAN application?
How to sign the PAN application i.e. Form 49A/49AA?
Who has to sign the PAN application i.e. Form 49A/49AA?
Who can apply on behalf of non-resident, minor, lunatic, idiot, and court of wards?
Should married female provide father’s name?

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Showing posts with label FAQs on Clubbing of Income. Show all posts

Thursday, February 22, 2018

Income Tax FAQ's

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How to round off total income before computing tax liability?

Tax India Online February 22, 2018 0 Comments

As per section 288A , total income computed in accordance with the provisions of the Income-tax Law, shall be rounded off to the ...

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By Tax India Online at February 22, 2018 No comments:

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Labels: FAQ's, FAQs on Clubbing of Income, Income Tax FAQ's

Income Tax FAQ's

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Will any clubbing provision apply in case of transfer of asset to Hindu Undivided Family (HUF) by its member?

Tax India Online February 22, 2018 0 Comments

As per section 64(2) , when an individual, being a member of HUF, transfers his property to the HUF otherwise than for adequate consid...

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By Tax India Online at February 22, 2018 No comments:

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Income Tax FAQ's

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Is minor child’s income clubbed with the income of parent? |How can parent claim TDS deducted on his minor's child income?

Tax India Online February 22, 2018 0 Comments

As per section 64(1A) , income of minor child is clubbed with the income of his/her parent (*). Income of minor child earned on accoun...

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By Tax India Online at February 22, 2018 No comments:

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Income Tax FAQ's

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Can income from assets transferred to any person for the benefit of spouse or for the benefit of son’s wife without adequate consideration be clubbed with the income of transferor?

Tax India Online February 22, 2018 0 Comments

As per section 64(1)(vii) , if an individual transfers (directly or indirectly) his/her asset otherwise than for adequate consideratio...

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By Tax India Online at February 22, 2018 No comments:

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Labels: FAQ's, FAQs on Clubbing of Income, Income Tax FAQ's

Income Tax FAQ's

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Can income from assets transferred to son’s wife without adequate consideration be clubbed with the income of transferor, i.e., father-in-law/mother-in-law?

Tax India Online February 22, 2018 0 Comments

As per section 64(1)( vi ) , if an individual transfers (directly or indirectly) his/her asset to his/ her son's wife otherwi...

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By Tax India Online at February 22, 2018 No comments:

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Labels: FAQ's, FAQs on Clubbing of Income, Income Tax FAQ's

Income Tax FAQ's

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Are there any situations in which the clubbing provisions do not apply in case of income from assets transferred to spouse?

Tax India Online February 22, 2018 0 Comments

The clubbing provisions of section 64(1)( iv ) are not applicable in the following situations: If the transfer of asset is for adeq...

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By Tax India Online at February 22, 2018 No comments:

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Labels: FAQ's, FAQs on Clubbing of Income, Income Tax FAQ's

Income Tax FAQ's

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Can remuneration received by spouse of an individual be clubbed with his/her income?

Tax India Online February 22, 2018 0 Comments

Under certain circumstances as given in section 64(1)(ii) , remuneration ( i.e., salary) received by the spouse of an individual fro...

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By Tax India Online at February 22, 2018 No comments:

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Income Tax FAQ's

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Do any clubbing provisions exist in case of a revocable transfer?

Tax India Online February 22, 2018 0 Comments

Revocable transfer is generally a transfer in which the transferor directly or indirectly exercises control/right over the asset transfe...

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By Tax India Online at February 22, 2018 No comments:

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Income Tax FAQ's

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Do any clubbing provisions exist in case of transfer of income without transfer of asset?

Tax India Online February 22, 2018 0 Comments

As per section 60 , if a person transfers income from an asset owned by him without transferring the asset from which the income is ...

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By Tax India Online at February 22, 2018 No comments:

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Income Tax FAQ's

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What is the meaning of clubbing of income?

Tax India Online February 22, 2018 0 Comments

Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person i...

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By Tax India Online at February 22, 2018 No comments:

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Labels: FAQ's, FAQs on Clubbing of Income, Income Tax FAQ's

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Who is supposed to pay Income-tax?

Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) cover...
Would I face any adverse consequences if instead of depositing TDS in the government's account I use it for my personal needs? I have not received TDS certificate from the deductor. Can I claim TDS in my return of income?

Yes, failure to remit tax deducted by me in the government’s account within stipulated time-limit would attract interest, penalt...
Is there any e-filing help desk established by the Income-tax Department?

In case of queries on e-filing of return, the taxpayer can contact 1800 4250 0025
Section 80U: Deduction for Person suffering from Physical Disability

Deduction of Rs. 75,000/- to a resident individual who suffers from a physical disability (including blindness) or mental retardatio...
What is a return of income?

ITR stands for Income Tax Return . It is a prescribed form through which the particulars of income earned by a pe...

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