Clubbing of income refers to which of the following concepts in the Indian Income Tax Act?

Combining income from different sources for taxation purposes.

Transferring ownership of assets to minimize tax liability.

Dividing income among family members to reduce tax burden.

Allocating income to different heads for easier tax calculation.

Under what circumstances can an individual transfer income without transferring the ownership of the asset?

When the asset's ownership is transferred to a close family member.

When the asset's ownership is transferred to a charitable organization.

When the asset's ownership is retained, but the income is transferred to a friend.

When the asset's ownership is transferred to a business partner.

When can income from assets transferred to a son's wife be clubbed in the income of the transferor?

When the transfer is made with adequate consideration.

When the transfer is made for the benefit of the transferor's spouse.

When the transfer is made to an association of persons.

When the transfer is made without adequate consideration.

Which type of dividend distribution results in deemed dividend income under the Income Tax Act?

Dividend distributed from accumulated profits to shareholders.

Distribution of debentures to preference shareholders.

Distribution of shares during a company's merger.

Payment of interest on loans to shareholders.

Under which circumstances can an Assessee set off losses against profits earned in the same financial year?

When losses are incurred from owning and maintaining race horses.

When losses are speculative business losses.

When losses are capital losses.

When losses are house property losses.

Which type of dividend distribution can be set off against previous dividend payments made by the company?

Dividend distributed from accumulated profits to shareholders.

Distribution of debentures to preference shareholders.

Distribution of shares during a company's merger.

Payment of interest on loans to shareholders.

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