As per the Income Tax Act‚ 1961 where a person dies‚ his legal representatives shall be liable to pay any sum which the deceased would have been liable to pay if he had not died‚ in the similar manner and to the same extent as the deceased. As per section 159 of the Income Tax Act‚ 1961 (Act)‚ even when a person dies‚ the assessment of his income is to be done upto the time of his death. So‚ the legal representative of the deceased has to file the income tax return for the income on which the deceased
Premium Death Receipt Income tax
NCOME-TAX ACT‚ 1961* [43 OF 1961] [AS AMENDED BY FINANCE ACT‚ 2012] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :— CHAPTER I PRELIMINARY Short title‚ extent and commencement. 11. 2(1) This Act may be called the Income-tax Act‚ 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act‚ it shall come into force on the 1st day of April‚ 1962. Definitions
Premium Asset
distribution of income is to achieve economic equality‚ which is to give every citizen the opportunity of earning a decent living. However‚ our current system’s inability to better allocate the resources we have at our disposal has widened the gap between the wealthy and the poor especially during the past 20 years. The primary benefit of the distribution of income is to transfer wealth‚ with the help of the government‚ to those who are less fortunate. The current distribution of income is a cost to
Free Progressive tax Tax Distribution of wealth
Art Worksheet Art Education 1600‚ Art and Music since 1945 Your Name Nathan This worksheet is designed to prepare you with critical skills for analyzing a visual art work. Follow the steps in this worksheet carefully and it will help you organize your thinking. In Step 1‚ you will analyze the art work in detail. Look and look again for things you don’t see the first time. In Step 2‚ you interpret the work‚ either by telling a story about the work or telling what the work means to you
Premium Visual arts
or accidents happen. For example‚ individual may choose to purchase coverage to have a back up in case of something catastrophe happens‚ therefore they can still be safe on a fixed payment. Somewhat paradoxically‚ insurance has remained one of the income opportunities of certain corporations. Revenue can be increased in the insurance industry since achieving the premium after the possibility of an assured injury will still require a greater opportunity of the similar incident to happen. The focal
Premium Economics Health economics Health insurance
Quiz 17: Fuller 1. Consider the following claim: "Many women are considering within themselves‚ what they need that they have not‚ and what they can have‚ if they find they need it. Many men are considering whether women are capable of being and having more than they are and have‚ and‚ whether‚ if so‚ it will be best to consent to improvement in their condition." Now consider the distinctions Fuller makes between men’s and women’s positions in these two sentences‚ and respond to the following:
Premium
Introduction The income smoothing literature has been the centre of attention in the accounting world for the past few decades. When companies experience economic turbulence due to a poor performance year‚ they turn to the accounting management department to resolve the bottom line. A strategy that managers can approach is changing the true information content of the company. As a result this has led managers to resort to smoothing their income. Many questions have been raised whether or not it
Premium Income
INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned‚ they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential
Premium Tax Tax refund Taxation in the United States
Definition of Tax “Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer” According to section 2 (62) of the ITO (Income Tax Ordinance) 1984: “Tax means the income tax payable under ordinance and includes any additional tax‚ excess profit tax‚ penalty‚ interest‚ fees or other charges leviable or payable under this ordinance.” Characteristics of Tax i. Tax is a payment to the government by the people. ii. Payment of taxes is non-penal
Premium Tax Income tax Tax refund
Worksheet #1 Coverage: Classifications of Law; Sources of Law‚ Court System‚ Litigation Process. Alternative Dispute Resolution & Managing Lawyers LAW CLASSIFICATIONS Substantive and Procedural Law – Substantive – Procedural – Importance of Procedure Rules (R.E. Development Example) Public and Private Law – Public – Private – Common Law? Civil ‚ Criminal Law‚ and Administrative Law – Civil – Criminal – Administrative Law Burden of Proof – Civil – Administrative – Criminal
Premium Common law Civil procedure Court