Home Highlights March 2016 Year 2016 This

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1. Revision u/s 263 - denial of deduction u/s 54 in the hands of Individual - Partition of HUF or not - reading of sub- section 171 of the Income Tax Act, 1961 makes it...

2. New scheme for Tax on income of individuals and Hindu undivided family u/s 115BAC - Assessee had not filed Form 10-IE for opting the new tax regime within the stipulated...

3. Assessment in the hands of the non exisiting HUF - The words 'hitherto assessed as undivided' [u/s 171(1)] are very important while considering the section. If the...

4. Clarification in respect of option under section 115BAC of the Income-tax Act, 1961 - Concessional rate of tax in case of individual or a Hindu undivided family (HUF) -...

5. Insertion of new section 115 BBDA-Tax on certain dividends received from domestic companies. - any income by way of dividend declared, distributed or paid by a domestic...

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

7. Amendment of section 10. - Any income by way of dividend in excess of ten lakh rupees shall not be exempt from tax in the case of an individual, Hindu undivided family or a firm

8. Assessment of capital gain for HUF - purchase of family property - whether the property belongs to Hindu Undivided Family even though the document was registered in the...

9. 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...

10. Taxability of Capital gains - Year of taxability - Joint Development Agreement (JDA) - Effect of new subsection 5A u/s 45 added - retrospectivity OR prospectivity - We...

11. Assessment u/s 171 - partial partition or complete partition - immovable property of the HUF had been gifted to certain members - AO treated the same as partition of a...

12. Recovery of outstanding dues - liability of members of HUF is not joint or several - the property of the individual member of the Hindu Undivided Family could not be...

13. Long term capital gain - section 45(2) applicability - Property received by assessee on partial partition of Hindu Undivided Family - expenses claimed u/s 37(1) -...

14. Assessment after partition of a Hindu undivided family u/s 171 –AO has failed to comply with the statutory provision inasmuch as a detailed inquiry as contemplated u/s...

15. Legal Services / Services of an Advocate - Recovery of Service Tax alongwith interest and penalty - The High Court observed that, as set out in the Notification, the...