Author: Sunny Shettipalli

21. Mrs. Y made certain cash gifts for her husband, which he invested in some interest yielding securities. The interest realized on securities was included in the income of Mrs. Y by the income Tax department which was objected to by Mrs. Y. Discuss and decide whether the action of the assessing officer is correct.

1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered A. Section 64(1)(iv) – Clubbing of Income of Spouse As per […]

13“The assessee during the financial year, has invested FD a sum of R5.5,00,000/- in the name of his wife who is a house wife having no income of her own and not an assessee. The assessee doesn’t want to show the interest accrued on the FD and seeks your clarification and advise, As a Tax Consultant advise your client.

1. Facts of the Case The assessee (your client), during the relevant financial year, has invested a sum of ₹5,50,000 in a Fixed Deposit (FD) […]

 10. X estimated his income for F.Y.2015-2016 and calculated tax a sum of Rs.25,000 for the purpose of advance tax. He has paid the 1st installment in time i.e. before 15 September 2015. He has failed to pay balance two installment i.e. before 15th December and 15th March 2016. He paid the balance by way of self assessment tax and filed the returns on 15th December, 2016. Calculate the interest for default of two advance tax installment and for late filing returns.

1. Facts of the Case Mr. X, an assessee, estimated his tax liability at ₹25,000 for the Financial Year 2015–16 (Assessment Year 2016–17) and intended […]

7. ‘A’ an Assessee, is a partner in a firm created a trust. By a settlement deed he assigned his profits of ten percent [right, title, interest (excluding capital] in the firm to the trust. He claimed his income transferred to trust as diversion of income. Is he legally justified?

1. Facts of the Case Mr. A, an individual assessee, is a partner in a firm. Through a settlement deed, he has created a trust […]

5. Shyam, a partner of a firm constitutes a partnership with his two sons and a daughter with his share in the main partnership. Shyam is separated from his wife and is paying maintenance to her. What is his tax liability on the income earned from the main partnership and the amount?

1. Facts of the Case Mr. Shyam is a partner in a main partnership firm. He has entered into a sub-partnership with his two sons […]