A 35 year CA student has been rescued by police after confined in house for more than 5 years.
Tuesday, 28 May 2013
Any Income of a political party which is chargeable under the head other than "P/G/B/P" or any other income by way of voluntary contribution received by a political party from any person shall not be included in the total income of the previous year of such political party.
- such political party keeps and maintains such book of accounts and other documents as would enable the assessing officer to properly deduce its income therefrom;
- in respect of donation in excess of Rs 20000 jeeps and maintain a record of such contribution and the name and address of the person who has made such contribution; and
- the accounts are audited by an accountant as defined in the explanation below sub-section(2) of section 288.
Monday, 27 May 2013
Hindu-Undivided Family Analysis
- Huf doesnot arise from a contract.HUF is a creation of law.After marriage,as soon as a child is born,HUF comes into existence.HUF consist of father,sons and daughter.Wife is not part of HUF.
- Sons,daughters and the father are co-parceners and have right to demand partition.
- Mother is not co-parceners and cannot demand partition.
- HUF cannot give gift if HUF property to co-parcener and non-coparceners.Any gift by HUF are void-ab-initio.
- The provisions of computing income of HUF are the same for a normal assessee.
- No capital gain will arise in case of distribution of partition of HUF as pwer section 47 of the Income -tax Act.
- Partition of HUF takes place on the date properties are actually divided.There must be physical division of the properties
- Any remuneration paid by HUF to karta or any other member of HUF for services renderd by him in conducting family business,the remuneration is deductible if remuneration is
- paid under a valid and bona fide agreement
- in the interest of and expdient for the business of family and
- reasonable and not excesive.