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
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 . 542 views . 1 min read
A social media post, from a mother to her son who scored 60% in the Class X board exams, goes viral
Recently posted . 509 views . 1 min read
New Delhi: Have you been filing fake rent receipts to bring down your taxation rate every one of these years? Well you may never again have the capacity to claim sa...
Recently posted . 714 views . 10 min read
In a hurry to file income tax returns, many a time individuals forget to disclose all income. This not only shows incorrect picture of your income but also changes ...
Recently posted . 555 views . 3 min read
It would be foolish of the government to shred its credibility merely in order to garner more resources before the elections. The optics of the move are terrible<...
Recently posted . 491 views . 1 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
India is the seventh largest country in the world and inhabits hundreds of different cultures within itself. Along with cultural diversity, India is also to home ...
Recently posted. 1K views . 2 min read
A new research says rising sea levels could impact three times more people by 2050 than previously thought.
Recently posted. 660 views . 0 min read
Ash from Mount Agung is moving south-southwest towards the airport
A volcano gushing towering columns of ash...
Recently posted. 562 views . 2 min read
Recently posted . 1K views
Recently posted . 2K views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 1K views . 34 min read
Recently posted . 1K views . 31 min read
Mutilation of soldiers: Pakistan says 'provocative statements' by India will vitiate environment Pakistan said on Thursday "provocative statements"...
Recently posted. 983 views . 12 min read
New Delhi: India and Bangladesh on Saturday inked almost two dozen settlements in key zones of protection and common atomic collaboration after "gainful" ...
Recently posted. 832 views . 12 min read