An HUF is automatically constituted with the marriage of a person. HUF is a separate entity for income tax purposes under the provisions of Section 2(31) of the Income Tax Act.
On 24.03.10, In Tax, by hemantmadhusudan
Minimum Alternate Tax (MAT) is payable by companies. The MAT rate for A.Y. 11-12 is 18%. Though there has been a consistent demand from companies from various sectors for its removal, the Government continues with this tax.
The article covers MAT in full detail. It also discusses about accounting aspects of MAT. MAT under Direct Tax Code has also been discussed in the article.
On 12.02.10, In Tax, by vidyutsethi
Section 13A of the Income Tax Act, 1961 is the section that covers the taxation of income of political parties.
This short tutorial summarises section 13A in an easy to understand form.