When you figure how much income tax you want withheld from your pay and when you figure your estimated tax, consider tax law changes effective in 2024. If […]
Greg Kelly is Accused of Tax Manipulation Schemes
Greg Kelly is facing allegations of tax manipulation involving an unpaid amount of approximately $750,000. Authorities claim that Kelly underreported his income over several years, particularly from freelance […]
Section 194: Latest Amendments and Changes
Section 194A provides for deduction of tax @10% by any person (other than an individual or a HUF whose total sales, gross receipts or turnover from the business […]
Understanding Customs Audit under section 99A
In supersession of On-site Post Clearance Audit at Premises of Importer and Exporter Regulations, 2011, Government has notified Customs Audit Regulations, 2018. For this reason, a separate section […]
Guidelines for Taxability of Gifts Received in Cash and Kind
In order to prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of […]
Stock Transfers Between Branches is Supply under GST
It is a common practice in business to transfer goods transferred amongst different units of same entity, for instance, distribution of samples manufactured in a factory to different […]
Computation of Income through Arm’s Length Price
Income to be computed at arm’s length price [Section 92(1)] Any income arising from an international transaction shall be computed having regard to the arm’s length price. Although […]
![Clubbing of income of a minor child [Section 64(1A)]](https://www.caclubindia.com/money/wp-content/uploads/2024/11/Section-64.jpg)
Clubbing of income of a minor child [Section 64(1A)]
In computing the total income of an individual, there shall be included all such income as arises or accrues to his minor child. Therefore, the income of a […]
Analysing Section 54 of the Income Tax Act
Section 54 from the Bare Act According to Section 54, Any long-term capital gain, arising to an individual or HUF, from the transfer of a residential house property […]