Notification on Classification of MSMES

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CMSL AMENDMENTS APPLICABLE TO JUNE 2020

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revised tax handbook

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Q805 Music Academy, as per its rules, pays a fixed honorarium per concert to each musician performing in the concerts organised by it. Hari, a violinist, however, refuses to accept this sum. If he requests Music Academy to pay such sum directly to Aid Us, an unregistered institution providing relief to the poor and needy in rural India, what would be the tax consequence?

(a) No amount would be chargeable to tax in the hands of Mr. Hari, since this is a case of diversion of income at source by overriding title.

(b) The amount payable to Aid Us would be chargeable to tax only in the hands of Mr. Hari, since it is a case of application of income

(c) The amount payable to Aid Us would be chargeable to tax only in the hands of the institution which has received the amount

(d) The amount payable to Aid Us would be chargeable to tax both in the hands of Mr. Hari and in the hands of the institution.

Income Tax Fast Track Batch on YouTube
BY CA PRANAV CHANDAK for May/Nov 20
(Amended with RTP May 20 Amendments)

1. Basic Concepts of Income Tax: https://youtu.be/QYUzhanm04c

2. Residential Status: https://youtu.be/eDUToTHk5ec

3. Scope of Total Income: https://youtu.be/eDUToTHk5ec

4. Exempt Incomes: https://youtu.be/nsR7GmD2QZI

5. Agricultural Income: https://youtu.be/nsR7GmD2QZI

6A. Salaries: https://youtu.be/Q-yatHjAHB4

6B. House Property: https://youtu.be/tcRdSxUt6yU

6C. Profits & Gains of Business & Profession: https://youtu.be/o4kUwaxj57k

6D. Capital Gains: https://youtu.be/FtjPvDGIjIk

6E. Income from other Sources: https://youtu.be/Pr5k66Wuky4

7. Clubbing of Income: https://youtu.be/M6dFpdqHTUk

8. Set off & Carry Forward of Losses: https://youtu.be/yk0NXR6zxPg

9. Chapter VI-A Deductions: https://youtu.be/8vjwDIQztG4

10. TDS & TCS: https://youtu.be/obfD5xxvprY

11. Advance Tax & Interest u/s 234: https://youtu.be/yI_Ulq6Q0XY

12. Return of Income: https://youtu.be/EiNmrGt5klQ

13. Total Computation: https://youtu.be/06UgbeDT_KY

14. Alternate Minimum Tax(New): https://youtu.be/06UgbeDT_KY

15. Miscellaneous Topics: https://youtu.be/EiNmrGt5klQ

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