Income of other Persons Included in Assessee’s Total Income – Section 60 to 65

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Contents –

1. Transfer of income where there is no transfer of assets : Section 60.
2. Revocable transfer of assets : Section 61.
3. Transfer irrevocable for a specified period : Section 62.
4. Transfer and Revocable Transfer defined : Section 63.
5. Income of individual to include income of spouse, minor child : Section 64.
6. Liability of person in respect of income included in the income of another person : Section 65.

Introduction –

Under the Income Tax Act, generally the tax is charged on the persons income. In other words, the persons whose income is chargeable, the tax is collected from him. It means there is direct relation between Income Tax Department and the person whose income is chargeable for tax. But in the certain cases the income of the other person included in the assessee income. The provisions to the extent are in the income tax act.

Recovery of Service Tax Under Section 73, 73(2), 73(3), 73A, 73B, 73C and 73D

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Contents – 1.  Machinery for recovery : Section 73 (Show Case Notice) 2. Order in original : Section 73(2)  3. Voluntary Payment : Section 73(3)  4. Service Tax collected from any person to be deposited with Central Government : Section 73A  5. Interest on amount collected in excess : Section 73B  6. Provisional attachment to … Read more

Provisions for Payment of Service Tax

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Service Tax



WHAT IS SERVICE TAX ?

Introduction –
    
Every time it is not possible to the tax payers to pay the taxes within the prescribed time provided under the wealth Tax act. By any reason, The tax payer or here to say the assesses has failed to pay the dues within free prescribed time by any reason which may be relevant or irrelevant. Student should keep in mind that is no emotion considered for recovery of taxes by the government. What is reasonable is the question of fact to be decided by the government authority.

If the taxpayer failed to pay the taxes within time the penalty will be attracted which would be in addition to the Tax. Interest? It is to be noted that interest and penalty are quite different terms. The penalty is not calculated on the percentage basis.

Calculation of Custom Duty Payable

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Contents – 1. Introduction of Custom Act, 1962. 2. Definitions of the Customs Act, 1962 U/S 2. 3. Calculation of Custom Duty Payable w.e.f. 17th March, 2012. 4. Officers of Customs. 5. Chart of Sections for Information. Introduction – The meaning of the world custom as is a law not written,  established by long usage … Read more

Deduction from Gross Total Income [Section 80A to 80U]

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Contents : Introduction. The Basic Rules. Summary of Section 80C to 80U. Deduction to be made in Computing Total Income Under Section 80A to 80U In computing the total income of an assessee, the deduction allowable under section 80CCC to 80U from the gross total income. Deductions available under section 80C to 80U are of … Read more

Refund of Tax under Income Tax Act, 1961 – Under Section 237 to 245

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Contents –


1. Introduction of Refund of Tax.
2. Section 237 – The reasons for the refund.
3. Section 238 – Claim for Refund.
4. Refund in the Case of Appeal – Section 240, 241, 242, 243, 244.
5. Section 245 – Set off of Refund Against Tax Remaining Payable.
6. section 245 C – Application for Settlement of Cases.
7. Section 245D (4A) – The Settlement Commission shall pass an order.

Secondary Market | Meaning, Definition, Features, Functions, Types & Trading and Settlement Procedure

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What is Secondary Market ? It is a market set-up which is very much organised and caters the buying and selling of the securities. It refers to a market where the activities of buying and e selling of the securities is carried-out in a systematic and simplified way as per the directions of the SEBI. … Read more

Zero-Based Budgeting | Definition, Methods, Example, Process, Advantages & Disadvantages

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What is Zero-Based Budgeting ? Zero-based budgeting (ZBB) is a financial management approach where all expenses must be justified for each new period, regardless of whether they are carried over from previous budgets. Unlike traditional budgeting methods, which typically start with the previous budget as a baseline and adjust from there, ZBB requires a thorough … Read more

Primary Market | Meaning, Functions, Features, Types, Advantages & Disadvantages

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What is Primary Market ? This denotes the New Issue Market i.e. where the shares are issued for the very first time. In other words, the same were never issued before in the market. Under this, the existing companies and the new entrants can bring the new issues. The basic objective is to procure funds … Read more