Easy Guide to Avoid Clubbing & Undisclosed Income
- Year of Publication: 2020
- Edition: 1st
- ISBN: 8906077412697
The book “Easy Guide to Avoid Clubbing & Undisclosed Income” is written by me to guide the common taxpayers about some important things which are very much effecting in computation of their taxable income and tax liabilities. These are clubbing of income, undisclosed income, undisclosed expenditure etc. I observe that it is a general practice of some person to invest money for a non earning spouse by way of fixed deposits, or other income earning assets or to set up bank accounts, mutual funds or other investments for children to provide for their needs in future. The main cause behind this that a wrong conception is gradually grown to some taxpayers that when an individual is transfer his/her assets or incomes amongst the member of the family, there will be no tax upon him/her on that income which is transfer.
Another important thing is that, in many times the tax payers cannot explain the source/sources of some amounts which are credited to his/her Bank Account or cannot explain about some expenses which are debited to his/her Bank Account when it is detected by the Assessing Officer during assessment. These are termed as cash credits, unexplained investments, unexplained expenditure.
Thus the objective of this book is to guide the common tax payers in easy understanding about Clubbing of Income and Undisclosed Income.
When this first edition is published on the basis of Finance Act, 2020 then we are spending our time with a great pandemic situation. The Novel Corona virus (COVID-19) has been declared a global pandemic by the World Health Organization (WHO) on 11 th March, 2020 and its rapid spread is causing severe economic disruption. To contain the spread of COVID 19, India is in lockdown mode from 24 th March, 2020 like many other countries and this has been impacting individual taxpayers. In response, the Government of India has come to the rescue of taxpayers by providing various relief measures. These relief provisions along with important date for Income Tax obligations during the year 2020-21 are given in Chapter 10 of this book.
Hope such readers, on whose demand this book is written, will be pleased and give their valuable advice as usual. My aim will be rewarded if the book is proved to be useful to the readers for whom it is meant.
Mr. Kalyan Sengupta, B.Sc, I.C.W.A.I (Inter) LL.B is an Advocate and Tax Consultant by profession and working particularly in the field of Direct and Indirect Tax with effect the year 1999. In the year 2003 he first wrote the books “Income Tax Ready Reckoner” and “Saral Aaykar” and from then in every year he wrote different books on Income Tax, Value Added Tax, Service Tax, Accounts and other related matters like ESI, PF, NGO etc. After the implementation of new indirect tax regime in the year 2017, he wrote different GST book in every year. From the year 2010 he is associated with M/S Book Corporation and receive the blessing hands of respected Late K.G. Maheshwari of Book Corporation and wrote different books on Income Tax, Value Added Tax, Service Tax, GST, Accounts and other related matters like ESI, PF, NGO etc under the publication of M/S Book Corporation in every year. Now he is a regular author of M/S B.C. Publications. Presently about 25 books are written by Mr. Sengupta on tax and related matters.
The main object of Mr. Sengupta is to guide the common tax payers in understanding the procedure of all tax matter in a simplified form and as such all the books are useful to the readers for whom it is meant. Maximum books written by Mr. Sengupta is under the title of “Easy Guide…………” hence Mr. Sengupta is now famous amongst the reader as author of “Easy Guide series”.
B.C.Publications is the publishing arm of Book Corporation, a leading law book selling and publishing concern, more than 50 years old and serving the professional fraternity in India. Late Sri Kishan Gopal Maheshwari is the mastermind behind the set up of this publishing house. He believed - “Book is Knowledge, Knowledge is Power and a Book is Power House” for all the professionals. BC Publications publishes diverse range of publications in the area of taxation, company law, civil laws, industrial and labour law, etc. The publishing house is famous for giving opportunities to new and aspiring authors and provide them the opportunity to showcase their work to the professional community at large.
Similar Books
Ratings and Reviews
Overall Rating
- Year of Publication: 2020
- Edition: 1st
- ISBN: 8906077412697
The book “Easy Guide to Avoid Clubbing & Undisclosed Income” is written by me to guide the common taxpayers about some important things which are very much effecting in computation of their taxable income and tax liabilities. These are clubbing of income, undisclosed income, undisclosed expenditure etc. I observe that it is a general practice of some person to invest money for a non earning spouse by way of fixed deposits, or other income earning assets or to set up bank accounts, mutual funds or other investments for children to provide for their needs in future. The main cause behind this that a wrong conception is gradually grown to some taxpayers that when an individual is transfer his/her assets or incomes amongst the member of the family, there will be no tax upon him/her on that income which is transfer.
Another important thing is that, in many times the tax payers cannot explain the source/sources of some amounts which are credited to his/her Bank Account or cannot explain about some expenses which are debited to his/her Bank Account when it is detected by the Assessing Officer during assessment. These are termed as cash credits, unexplained investments, unexplained expenditure.
Thus the objective of this book is to guide the common tax payers in easy understanding about Clubbing of Income and Undisclosed Income.
When this first edition is published on the basis of Finance Act, 2020 then we are spending our time with a great pandemic situation. The Novel Corona virus (COVID-19) has been declared a global pandemic by the World Health Organization (WHO) on 11 th March, 2020 and its rapid spread is causing severe economic disruption. To contain the spread of COVID 19, India is in lockdown mode from 24 th March, 2020 like many other countries and this has been impacting individual taxpayers. In response, the Government of India has come to the rescue of taxpayers by providing various relief measures. These relief provisions along with important date for Income Tax obligations during the year 2020-21 are given in Chapter 10 of this book.
Hope such readers, on whose demand this book is written, will be pleased and give their valuable advice as usual. My aim will be rewarded if the book is proved to be useful to the readers for whom it is meant.
Mr. Kalyan Sengupta, B.Sc, I.C.W.A.I (Inter) LL.B is an Advocate and Tax Consultant by profession and working particularly in the field of Direct and Indirect Tax with effect the year 1999. In the year 2003 he first wrote the books “Income Tax Ready Reckoner” and “Saral Aaykar” and from then in every year he wrote different books on Income Tax, Value Added Tax, Service Tax, Accounts and other related matters like ESI, PF, NGO etc. After the implementation of new indirect tax regime in the year 2017, he wrote different GST book in every year. From the year 2010 he is associated with M/S Book Corporation and receive the blessing hands of respected Late K.G. Maheshwari of Book Corporation and wrote different books on Income Tax, Value Added Tax, Service Tax, GST, Accounts and other related matters like ESI, PF, NGO etc under the publication of M/S Book Corporation in every year. Now he is a regular author of M/S B.C. Publications. Presently about 25 books are written by Mr. Sengupta on tax and related matters.
The main object of Mr. Sengupta is to guide the common tax payers in understanding the procedure of all tax matter in a simplified form and as such all the books are useful to the readers for whom it is meant. Maximum books written by Mr. Sengupta is under the title of “Easy Guide…………” hence Mr. Sengupta is now famous amongst the reader as author of “Easy Guide series”.
B.C.Publications is the publishing arm of Book Corporation, a leading law book selling and publishing concern, more than 50 years old and serving the professional fraternity in India. Late Sri Kishan Gopal Maheshwari is the mastermind behind the set up of this publishing house. He believed - “Book is Knowledge, Knowledge is Power and a Book is Power House” for all the professionals. BC Publications publishes diverse range of publications in the area of taxation, company law, civil laws, industrial and labour law, etc. The publishing house is famous for giving opportunities to new and aspiring authors and provide them the opportunity to showcase their work to the professional community at large.
