Table of Contents:
·
1. Important Points towards Assessment of HUF
·
2. Steps for Computation of Income-Tax of HUF
o
Persons
entitled to Claim Partition:
·
4. Tax on Income of HUF [Section 115BAC(1)] –
w.e.f. A.Y. 2021-22
Related Posts…
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Deductions from
Gross Total Income for computing Taxable Income 1.
[Section 80CCC]- Deduction in respect of Contribution to certain Pension Fund
Essential Conditions for Claiming Deduction under this Section…
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[Section 64]-
Clubbing of Income of an Individual with income of Spouse, Minor Child, etc. 1.
[Section 64(1)(ii)]- Remuneration of Spouse from a Concern in which the Other
Spouse has Substantial Interest: In computing…
·
Income Tax
Assessment Procedure in details 1. Self-Assessment
[Section 140A] before Submitting Return of Income Every person, before
submitting a return of income under: (i)
…
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Value of Taxable
Supply of Goods or Services under Chapter IV of CGST Rules (Rules 27 to 35) Basis
of charge of GST is given by section 9. As per section 9, GST shall be levied
on the…
·
Assessment of
Charitable Trusts and Institutions 1. Exemption
Under Section 11 to 13 in case of Public Trusts for Charitable or Religious
Purposes The income derived…
·
Incomes
Chargeable to Tax under Profits and Gains of Business or Profession 1.
[Section 28]- List of Incomes Chargeable to Income-Tax The following incomes
shall be chargeable to income-tax under the head…
·
Location of
Supplier and Place of Supply of Goods and Services under GST Law The
basic principle of GST is that it should effectively lax the consumption of
such supplies at the destination thereof…
·
Time of Supply
of Goods under CGST/SGST Act, 2017 The liability to pay GST on
Goods / Services arises at the time of supply of goods and services. The…
·
[Section 30 to
37]- Expenses Allowed as a Deduction for computing Income under ‘Profit &
Gains of Business or Profession’ 1. [Section 30]-
Rent, Rates, Taxes, Repairs and Insurance for Buildings – for computing
Profit & Gains of Business or…
·
‘Residential
Status’ under Income Tax Act. 1956 1. Residential
Status of an Individual [Section 6(1)] According to the residential status, the
assessee can either be: (i) Resident…
·
TDS on Rent
[Section 194-I] “Rent” means any payment, by whatever name
called, under any lease, sub-lease, tenancy or any other agreement or
arrangement for…
·
GST Payable on
Reverse Charge Basis [Section 9(3) of CGST Act, Section 5(3) of IGST Act and
Section 7(3) of UTGST Act] The Government may, on the
recommendations of the Council, by notification, specify categories of supply
of goods or services or…
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Investment
Planning for Tax Savings 1. Investment in Sukanya
Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January
to March 2020 (Q4, FY…
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Points for
Consideration towards Assessment of Public Trusts for Charitable and Religious
Purpose 1. Voluntary Contribution Received by the
Trust: Voluntary contribution can be of two types: (a) Voluntary
contribution with a…
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Return of Income
[Section 139 to 140] 1. [Section 139(1)]-
Submission of Return of Income According to section 139(1), the following
persons are required to furnish return…
·
GST Return under
GST Act. A GST Return is a summarised statement furnished by
the tax payer to the tax administrators containing details of specified…
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Penalties &
Prosecutions under Income Tax Act. 1. Penalties
under Income Tax Act. The various defaults in respect of which Penalty can be
imposed by the Income…
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[Section 132]-
Search and Seizure – Under Income Tax Act. 1. Authority
who can issue Order for Search and Seizure U/s 132: Search and seizure can be
authorised by— (a)…
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Tax Treatment of
‘Retirement Benefits’ Income to be included in Gross Salary - for computing
‘Salaries’ Income Retirement Benefits Incomes includes ….
Gratuity Pension Leave Encashment Retrenchment Compensation Compensation
received on Voluntary Retirement 1. Treatment of ‘Gratuity’…
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Taxability -
Income from Other Sources [Sections 56 to 59] 1.
Section wise Table – Income from Other Sources Sections Particulars 56 Income
from Other Sources 56(1) Chargeability 56(2) Specific…
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