Commission paid by the Partnership firm to HUFs - contribution ...

Commission to HUFs Allowed When Individual is Both Partner and Karta, Says Income Tax Regulation.

December 5, 2019

Case Laws Income Tax AT

Commission paid by the Partnership firm to HUFs - contribution of an individual, who helps the firm in two capacities viz; first in the capacity of partner and secondly as Karta of HUF - the commission paid by the assessee firm to HUFs is allowable.

View Source

← Previous Next →

Commission paid by the Partnership firm to HUFs - contribution ...

Commission to HUFs Allowed When Individual is Both Partner and Karta, Says Income Tax Regulation.

December 5, 2019

Case Laws Income Tax AT

You may also like:

Salary to partners u/s 40(b) - such individual is not a partner of the assessee-firm in his individual capacity but he is a partner in the capacity of representative of...

Credit of TDS - income earned by Late assessee for services rendered by him to the two companies before his death - in the return of income filed by the legal...

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...

Non granting of TDS credit - assessment in hands of HUF v/s Karta [individual] - In the present case the KARTA of HUF has not claimed the TDS in the individual’s returns....

Disallowance of partners’ salary from undisclosed income - deduction allowed - AT

The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows...

TDS u/s 192 - commission paid to partner - considering the provisions of Explanation 2 to Section 15 of the Act which includes salary, bonus, commission or remuneration...

PCIT has rightly invoked extraordinary revisionary powers as are enshrined in Section 263 as no inquiry, verifications and ivestiigations were made by the AO before...

Deemed dividend u/s 2(22)(e) - determination of substantial interest / voting rights in the company - clubbing of the shares held by the individual and shares held by...

Disallowance of interest expenditure - Corresponding to interest on debit balance of partner - amounts withdrawn by the partner for the payment of income-tax from the...

Allowance of Tax Deducted at Source (TDS) claimed by a "Kaccha Aaratiya" (commission agent) engaged in selling agricultural produce on behalf of farmers. The key points...

Loose papers found during a search at the residences of individuals contained notings and calculations presumed by the Assessing Officer (AO) to relate to undisclosed...

Treatment to commission income - commission income earned by the assessee is chargeable to tax under the head of "Profits and gains of the business" only. As business,...

Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of...

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

Quick Updates: