B Com Exam > B Com Videos > Income Tax Laws > Clubbing of Income: Computation of Total Income
Clubbing of Income: Computation of Total Income Video Lecture | Income Tax Laws - B Com
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FAQs on Clubbing of Income: Computation of Total Income Video Lecture - Income Tax Laws - B Com
| 1. What is clubbing of income? |  |
Ans. Clubbing of income refers to the inclusion of certain income under the tax liability of a person other than the actual earner. This is done to prevent taxpayers from transferring their income to other individuals, typically family members, who are in lower tax brackets.
| 2. How is total income computed in clubbing of income? | |
Ans. In clubbing of income, the total income is computed by adding the income of the person in whose hands the income is clubbed with the income of the person to whom it is clubbed. The total income is then taxed at the applicable tax rate.
| 3. What are the income tax laws related to clubbing of income? | |
Ans. The income tax laws related to clubbing of income are governed by the Income Tax Act, 1961. These laws specify the situations where clubbing provisions apply, such as when income is transferred to a spouse, minor child, or any other person for the benefit of the transferor. The Act also provides for exemptions and deductions in certain cases.
| 4. Can clubbing of income be avoided? | |
Ans. In certain cases, clubbing of income can be avoided by following specific legal provisions. For example, if income is transferred to a spouse for adequate consideration, it may not be considered as clubbed income. Additionally, if the transfer of income falls under specific exemptions or deductions under the Income Tax Act, clubbing provisions may not apply.
| 5. What are the consequences of clubbing of income? | |
Ans. The consequences of clubbing of income include the addition of the clubbed income to the total income of the person to whom it is clubbed. This can result in a higher tax liability for that person. It is important to comply with the income tax laws related to clubbing of income to avoid penalties and legal consequences.
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Video Description: Clubbing of Income: Computation of Total Income for B Com 2024 is part of Income Tax Laws preparation.
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