Re-computation of income tax liability - to adopt the maximum ...

Trust's Income Not Subject to 40% Maximum Marginal Rate u/s 164(1) for Tax Re-computation.

July 7, 2012

Case Laws Income Tax HC

Re-computation of income tax liability - to adopt the maximum marginal rate of 40% applicable under Section 164(1) - the maximum marginal rate could not be applied to the income of the Trust - HC

View Source

← Previous Next →

Re-computation of income tax liability - to adopt the maximum ...

Trust's Income Not Subject to 40% Maximum Marginal Rate u/s 164(1) for Tax Re-computation.

July 7, 2012

Case Laws Income Tax HC

You may also like:

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Trust's income tax liability determined based on last will provisions, not maximum marginal rate - assessee's appeal allowed. AO and CIT(A) erred in applying Section...

The Income Tax Appellate Tribunal (ITAT) examined the taxability of income from a discretionary trust u/s 164(1) read with clause (ii) of Explanation 1 to Section 164 of...

ITAT determined that a registered charitable trust's income should be taxed at normal rates rather than maximum marginal rates, despite undefined trustee shares. While...

Discretionary trust liable to pay tax at maximum marginal rate, including highest slab rate of income tax and surcharge applicable to individuals. Section 2(29C)...

This summary concerns an appeal before the Income Tax Appellate Tribunal regarding violations of Sections 11 to 13 of the Income Tax Act by a trust. The key points are:...

The trust is discretionary trust. Hence, it is liable to be assessed as per the provisions of Sec.164(1) at maximum marginal rate.

Assessment of trust - Determinate Trust or indeterminate Trust - Section 164(1) - That Section comes into play only where any income or any part thereof is not...

The AO denied exemption u/s 11 to the assessee trust based on incriminating evidence of undisclosed income declared under PMGKY, systematic recovery of staff salaries,...

Determination of tax liability and treatment as Association of Persons (AOP) for assessee trusts. Examination required on whether income taxable at slab rates u/s 164(1)...

Denial of exemption u/s 11 & 12 - Assessment of trust - Taxation at Maximum Marginal Rate (MMR) - charging the assessee as per the provisions of section 164(1) or 164(2)...

Denial of tax exemption computation u/s 11 - taxability of income at maximum marginal rate, as per proviso to section 164(2) - interest free loans to interested persons...

In case of contravention of Section 13(1)(d), maximum marginal rate of tax under Section 164(2), proviso is applicable only to that part of income of the Trust which has...

Assessment of trust after denial of exemption u/s 11 - section 164 - the beneficiaries of the trust are unknown - The income of the trust shall be assessed at maximum...

Assessment of trust - Rate of Tax - Maximum Marginal Rate (MMR) - The ld. AR of the assessee argued that the trust should be taxed based on the specific provision of...

Quick Updates: