Law panel explores income tax relief to single mothers
Tuesday, March 7, 2017 IST
The Law Commission is examining whether or not single mothers may be alleviated of the taxation accruing on maintenance payment for a minor in an exceeding divorce settlement.
Under I-T rules, interest on cash deposited as maintenance payment for a minor is clubbed with the financial gain of the guardian. The commission, headed by Justice (retd) B S Chauhan, is anticipated to submit a report during this regard shortly, someone responsive to the matter told ET.
A reference on the topic was received by the commission recently from the geographical region and Haryana HC. in keeping with the person cited earlier, the court aforesaid associate exception against the symptom of financial gain from maintenance cash could be a “desirable thing” just in case of minor kids residing with one parent. “Circumstances of the minor having received maintenance cash area unit completely different from say a minor in UN agency's name some business has been started by either of the parent or who has been advanced some gift throughout the subsistence of wedding of fogeys,” the court aforesaid.
The court has written 2 queries for the commission: “Whether interest attained by a minor from maintenance placed in an exceedingly mounted deposit by the minor’s father ought to be treated as financial gain of the minor, and if answer to the current question is in the affirmative, whether or not interest financial gain accruing to the minor ought to be clubbed with the financial gain of the parent UN agency maintains the kid.”
Related Topics
Related News & Articles
The Income Tax department has launched an 'instant' Aadhaar-based PAN allotment service for individuals seeking to obtain the unique identity for the firs...
Recently posted . 734 views . 2 min read
Taxmen may soon come knocking at the premises of companies that have registered for the goods and services tax and vanished, not having filed returns or paid their ...
Recently posted . 583 views . 1 min read
The current relief for income tax is Rs 2 lakh and discussions are on to increase it to at least Rs 2.5 lakh, government officials said.
Recently posted . 572 views . 1 min read
Allegations of forgery and violation of Coastal Regulation Zone rules have put Shah Rukh Khan's beachhouse at Alibag under income tax radar.
Recently posted . 772 views . 1 min read
New Delhi: Tax rates for upwards of 66 things including kitchen staples like pickles and mustard sauce under the following GST administration have been sliced to me...
Recently posted . 760 views . 17 min read
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 61K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 8K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 7K views . 7 min read
True – Tr...
Recently posted . 6K views . 83 min read
More in National
MahaMetro Managing Director Brijesh Dixit was quoted in the report saying that it is a first-of-its-kind project in India. Under this project, high-speed fully ai...
Recently posted. 577 views . 2 min read
The bear had climbed a steep mountain ridge after being chased by the people from the nearby village, but fell into a stream after losing balance as people aimed st...
Recently posted. 482 views . 1 min read
Army Chief Bipin Rawat assured all help to former and serving soldiers who have actually suffered disability in the line of duty.
Recently posted. 625 views . 0 min read
Recently posted . 1K views
Recently posted . 828 views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 1K views . 87 min read
Recently posted . 1K views . 48 min read
Lucknow: A special Central Bureau of Investigation (CBI) court in Lucknow, conducting an every day hearing about the 1992 Babri demolition case, will on Tuesday fra...
Recently posted. 968 views . 10 min read
The police said that the death of Khaja as an unidentified person was reported and a case was registered at Rajendranagar Police Station in Cyberabad on June 5, 2...
Recently posted. 591 views . 1 min read