12 November 2011
As per sec 140A of income tax act 1961 self assessment tax calculated as foloww
income from five heads + clubing provisons adjust set off ------------------ Gross total income less- deduction 80C to 80U ------------ total income ------------
calculate tax on total income less-TDS/advance tax from tax on total income.
then you get figure of self assessment tax
Querist :
Anonymous
Querist :
Anonymous
(Querist)
12 November 2011
Thank you sir for responding me actually i am not understanding what is mean by clubing provision?
12 November 2011
for. e.g if u transfer any asset to your spouse without adequate considration for avoiding tax liablity on income from such assest,then income from such assest will not be taxable in the hands of spouse it will be taxable i your hand.