Which of the following statements are true in the context of clubbing of income?
1. Provisions of Section 64 of the Income Tax Act, 1961, deals with clubbing of income.
2. Under Section 64(1)(ii), the remuneration of spouse from a concern in which the other spouse has substantial interest, is done.
3. Under Section 64(1)(iv), income from assets transferred to the spouse is done.
4. Under Section 64(1A), the clubbing of a minor child is done.
A. 1, 2 and 3
B. 2, 3 and 4
C. 1, 3 and 4
D. All of the above
Answer: Option D
Related Questions on Income Tax and Corporate Tax
A. 3, 4 and 5
B. 2, 4 and 5
C. 1, 2 and 3
D. 1, 3 and 5
Entertainment allowance for non-government employees are:
A. Fully exempted
B. Fully taxable
C. Partially taxable
D. Fully exempted in specified
E. Partially exempted in selected areas
In tax laws, donation to approved and notified association for scientific research is allowed as:
A. 125% of the donation
B. 100% of the donation
C. 175% of the donation
D. 150% of the donation
A. Both the Statements (I) and (II) are correct
B. Statement (I) is correct, but (II) is incorrect
C. Both Statements (I) and (II) are incorrect
D. Statement (II) is correct, but (I) is incorrect

Join The Discussion