Daily Archives: December 15, 2015

Claiming relief from employer when Salary Paid in Arrear or Advance

By | December 15, 2015

Relief When Salary Paid in Arrear or Advance Under section 192(2A) where the assessee, being a Government servant or an employee in a company, co-operative society, local authority, university, institution, association or body is entitled to the relief under Section 89(1) he may furnish to the person responsible for making the payment referred to in… Read More »

TDS on Income from Pension

By | December 15, 2015

TDS on Income from Pension In the case of pensioners who receive their pension (not being family pension paid to a spouse) from a nationalized bank, the instructions contained in this circular shall apply in the same manner as they apply tosalary-income. The deductions from the amount of pension under section 80C on account of… Read More »

Income of Minor to be received after majority not to be clubbed in the hands of Parent

By | December 15, 2015

Section 64(1)(iii) of Income Tax Act, 1961 : Income of Minor Child and Clubbing ? Facts of the Case The brother-in-law of the appellant, namely, Shri Ram Niwas Agarwal had created two trusts for the benefit of two minor children of the appellant, Kapoor Chand. One trust known as Priti Life Trust was for the… Read More »

compounding of Offences in case of undisclosed foreign bank accounts /assets c

By | December 15, 2015

CENTRAL BOARD OF DIRECT TAXES LETTER [F.NO.285/90/2013 IT(INV.V)/212], DATED 4-9-2015 Doubts have been expressed by the field formation as to whether offences relating to undisclosed foreign bank accounts /assets could be compounded as per the extant guidelines of the Board dated 23-12-2014. The matter has been examined in consultation with the Special Investigation Team (SIT).… Read More »