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The Wealth Tax Act, 1957 was an Act of the Parliament of India that provides for the levying of wealth tax on an individual, Hindu Undivided Family or company. The wealth tax was levied on the net wealth owned by a person on a valuation date, i.e., 31 March of every year. The Act applies to the whole of India.
The Act defines how the author of the trust could create a trust and assign trustees and assign his monetary assets to be controlled by the trust. This trust should have a clear definition of the following: [3] [1] Intention by the author to create the trust; Purpose of the trust; The beneficiary of the monetary assets controlled by the trust
The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and four schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax Act ...
A trust is a legal entity that holds money and assets for future distribution or management. For example, you might create a trust for your children's college education, putting money into it ...
India faces more difficulties in proliferating its income tax than a country like China, who subjects 20% of its population, because there is an emphatically low amount of formal wage earners. [27] Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [27]
In every trust deed, the minimum and maximum number of trustees has to be specified. The trust deed should clearly spell out the aims and objects of the trust, how the trust should be managed, how other trustees may be appointed or removed, etc. The trust deed should be signed by both the settlor/s and trustee/s in the presence of two witnesses.
Download as PDF; Printable version; In other projects Wikimedia Commons; Wikidata item; ... Income tax in India (2 C, 17 P) Indian Revenue Service officers (22 P) L.
Spoilers ahead! We've warned you. We mean it. Read no further until you really want some clues or you've completely given up and want the answers ASAP. Get ready for all of today's NYT ...