practical tax & investment planning online
international tax expert / colunmist / author / speaker

CLUBBING PROVISIONS FOR MINOR’S INCOME!

Exemption for minor’s income fixed at Rs.1,500 in 1992 Has not been revised even after 20 years of the provision! Until 1991-92, all income of a minor, other than that covered by the special clubbing provisions of Section 64 of the Income-tax Act was entitled to independent assessment in his own hands. Circumventing the said clubbing provisions not being difficult, a number of avenues for augmenting income and...

TAX IMPLICATIONS OF REMUNERATION TO WIFE

Clubbing of income is not attracted where remuneration is paid to spouse possessing professional or technical qualifications!         Keeping in view the family system prevailing in India where the financial affairs of the family are generally managed and controlled by the male head of the family, it is common to come across situations where the husband plans deriving income in the hands of his wife, thus aiming to...

Powered by HADNow.com