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
Ashish Kumar could not believe his ears when a friend told him about the huge income tax refund he got last year. “The tax professional who had got him the ...
Recently posted . 531 views . 5 min read
• There have been cases where GST assessees have paid taxes after due date but did not pay the interest due on account of delayed...
Recently posted . 481 views . 3 min read
Soon private cars will be able to imply as taxis in the country through aggregators like Uber and Ola. A high-level panel has recommended liberalising taxi permit...
Recently posted . 778 views . 3 min read
HIGHLIGHTS
*CBDT, that frames policy for the Income Tax department, ordered creation of a 1...
Recently posted . 623 views . 4 min read
• Only after the verification of ITRs, the income tax department starts processing it
•...
Recently posted . 517 views . 2 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
The loss-making Air India is likely to relook into some existing key contracts with its suppliers, including aircraft lessors and engine makers, as it seeks to tr...
Recently posted. 603 views . 16 min read
• Aditya Birla Group chief says he would have done things differently if given the option
•
Recently posted. 571 views . 2 min read
The visit assumes geopolitical significance since the Kishanganga Hydroelectric Project has for long been a bone of contention between India and Pakistan. The Rs ...
Recently posted. 616 views . 2 min read
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 1K views . 126 min read
Recently posted . 1K views . 34 min read
The Staff Selection Commission (SSC) will announce the results of Combined Higher Secondary Level (Tier II) Examination 2015 at night of January 2, 2017. A warning ...
Recently posted. 613 views . 8 min read
After Sunday’s worst air day since 2016, the air in the city moved from the ‘severe’ to ‘very poor’ category this morning.
Recently posted. 489 views . 1 min read