Wednesday, 5 June 2013

POLICE RESCUE CA STUDENT

A 35  year CA student has been rescued by police after confined in house for more than 5 years.

Tuesday, 28 May 2013

TAXATION OF POLITICAL PARTY:-SECTION 13A


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.

Provided that:-
  • 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.
EXPLANATION:-For the purpose of this section,"political party" means a political party registered under section 29A of the Representation of the People Act,1951.

Monday, 27 May 2013

HINDU-UNDIVIDED FAMILY ANALYSIS

Hindu-Undivided Family Analysis

  1. 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.
  2. Sons,daughters and the father are co-parceners and have right to demand partition.
  3. Mother is not co-parceners and cannot demand partition.
  4. HUF cannot give gift if HUF property to co-parcener and non-coparceners.Any gift by HUF are void-ab-initio.
  5. The provisions of computing income of HUF are the same for a normal assessee.
  6. No capital gain will arise in case of distribution of partition of HUF as pwer section 47 of the Income -tax Act.
  7. Partition of HUF takes place on the date properties are actually divided.There must be physical division of the properties
  8. 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. 

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