A. Section 44AD: Special provision for computing profits and gains of business i) Applicable to – 1. Resident Individual, HUF and Firm (Excluding LLP) carrying on any business, and 2. whose total turnover or gross receipts in the previous year does not...
1. Introduction:- The income of an Association of Persons (AOP) and Body of Individuals (BOI) shall be computed normally applying the normal provisions of the Income tax Act.The business income of AOP/BOI shall be computed after allowing all expenses referred to in...
1. Introduction:- Under the existing provisions of section 45, capital gain is chargeable to tax in the year in which the transfer takes place except in certain cases.The definition of ‘transfer’, inter alia, includes any arrangement or transaction where any rights...
1.Definition of agricultural Income: Any rent or revenue derived from agricultural landAny Income derived from such land by-i) agriculture, orii) processing of agricultural produce, oriii) sale by a cultivator or receiver of rent-in-kind of the produce raised or...
HUF is treated as a separate entity for the purpose of assessment under Income tax act.HUF does not arise from a contract. HUF is a creation of law. After marriage, as soon as a child is born, HUF comes into existence. HF consist of Father, sons and daughters. Wife is...
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