MANY PURPOSE – ONE SOLUTION: PRIVATE FAMILY TRUST Part 3
Many Purposes – One Solution: Private Family Trust (Part Three) How to Create a Private Family Trust Document Creating a trust document is a legal process. Once the nature and type of Private Family Trust is decided, consider the following key elements in structuring the trust and creating a Trust Document. It’s preferable that the […]
MANY PURPOSE – ONE SOLUTION: PRIVATE FAMILY TRUST Part 2
Many Purposes – One Solution: Private Family Trust (Part Two) Types of Private Family Trusts In India, the most prevalent categories of Private Family Trusts are: Revocable Trust Irrevocable Trust Discretionary Trust Non-Discretionary Trust (or Determinate Trust) Revocable Trust A Revocable Trust is a trust that can be altered, changed, modified, or entirely revoked by […]
Many Purpose – One Solution: Private Family Trust
PREAMBLE: A Private Family Trust is a legal arrangement in which the Trustee holds and manages the property in a representative capacity on behalf of the beneficiaries. A Private Family Trust is created for the benefit of one or more beneficiaries and not for the public benefit. As per Section 3 of the Indian Trust […]
Tax Audit for Futures & Options Transaction
Futures and Options (F&O) are derivative instruments trading within the stock market. They are known as derivatives, as these instruments derive their value from an underlying asset like, a market index, shares, commodity, etc. A future instrument is a contract, wherein the trader is obliged to buy/sell the underlying asset on a predetermined date for […]
Section 14A of The Income Tax Act, 1961 and Rule 8D of The Income Tax Rules, 1962
Section 14A deals with non- allowability of expenditure that has been incurred in relation to Income not forming part of Total Income, i.e.; Exempt Income. This section was introduced with an intent that tax payable on non-Exempt Income should not be reduced, by debiting expenses that have been incurred for earning of Income exempt from […]