Month: April 2019
Clubbing of Income Under Income Tax Act
Under the Income Tax Act a person has to pay taxes on his income. At the time of computing the gross total income, if the income of any other person in a family is included, then its called Clubbing of Income. Clubbing of income is governed by Sections 60 to 64 of the Income Tax […]
PPF Account for Minor Child & Tax Benefit
Many people have Public Provident Fund (PPF) accounts in their name as well as in their minor child’s name. However, holding such separate PPF accounts does not mean that you can deposit Rs 1.5 lakh in each and earn tax-free interest on both deposits. Here is why. According to PPF rule number 3, “Any individual […]
