Home Highlights March 2016 Year 2016 This

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1. Revision u/s 263 - denial of deduction u/s 54 in the hands of Individual - Partition of HUF or not - reading of sub- section 171 of the Income Tax Act, 1961 makes it...

2. Income Tax: Section 47(iii) of the Income Tax Act, which exempts transfers of capital assets under gift, will or irrevocable trust from capital gains tax, is proposed to...

3. The case pertains to the issue of addition in the hands of a Hindu Undivided Family (HUF) versus an individual for advance money paid for the purchase of land. The key...

4. New scheme for Tax on income of individuals and Hindu undivided family u/s 115BAC - Assessee had not filed Form 10-IE for opting the new tax regime within the stipulated...

5. Assessment in the hands of the non exisiting HUF - The words 'hitherto assessed as undivided' [u/s 171(1)] are very important while considering the section. If the...

6. Clarification in respect of option under section 115BAC of the Income-tax Act, 1961 - Concessional rate of tax in case of individual or a Hindu undivided family (HUF) -...

7. Insertion of new section 115 BBDA-Tax on certain dividends received from domestic companies. - any income by way of dividend declared, distributed or paid by a domestic...

8. Hindu Undivided Family (HUF) or its Karta cannot become partner/ Designated Partner (DP) in Limited Liability Partnership (LLP) - Circular

9. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

10. Income Tax: Section 194M mandates individuals or Hindu undivided families to deduct 5% TDS on payments made to residents for contract work, commissions, brokerage, or...

11. Amendment of section 10. - Any income by way of dividend in excess of ten lakh rupees shall not be exempt from tax in the case of an individual, Hindu undivided family or a firm

12. Assessment of capital gain for HUF - purchase of family property - whether the property belongs to Hindu Undivided Family even though the document was registered in the...

13. Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption...

14. Taxability of Capital gains - Year of taxability - Joint Development Agreement (JDA) - Effect of new subsection 5A u/s 45 added - retrospectivity OR prospectivity - We...

15. Assessment u/s 171 - partial partition or complete partition - immovable property of the HUF had been gifted to certain members - AO treated the same as partition of a...