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Applicability of Form 3CB [ edit ] Form 3CB is an audit report required to be submitted by an auditing authority on behalf of a person who operates a business or profession and is not required to get the accounts of the enterprise audited as per any other law except the Income Tax Act, 1961.
Conceptual uncertainty is the "most fundamental in the validity of a trust or power", and is where the language used in the trust is unclear. Examples include where familiar but overly vague terms are used, such as "good customers" or "useful employees"; if the concept cannot be certain, the trust fails. [ 34 ]
Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical ...
In an irrevocable trust, there has developed a growing use of a so-called trust protector. This is generally an unaffiliated, third party (often a lawyer or an accountant) who is granted the power to amend or change the terms of the trust in order to accommodate unexpected changes in tax or fiduciary law, unexpected changes in the trust's ...
Trust law is not part of most civil law jurisdictions, but is a common figure in most common law system (and thus in most Commonwealth jurisdictions). Trust law enters civilian jurisdictions through conflict of law arrangements recognizing it as a matter of private international law and has been implemented in the civil code of certain countries such as Liechtenstein and Curaçao.
Bumble Bee Joins Endangered Species List Suckley’s cuckoo bumble bee may be classified as endangered under the Endangered Species Act after a recommendation from the U.S. Fish and Wildlife Service.
The rule is part of President Joe Biden administration's campaign to reduce junk fees that hit consumers on everyday purchases, including banking services. Under the finalized rule from the ...
The trust was an addition to the law of property, in the situation where one person held legal title to property but the courts decided it was fair just or "equitable" that this person be compelled to use it for the benefit of another. This recognised as a split between legal and beneficial ownership: the legal owner was referred to as a ...