The Income-tax is levied on a person’s annual income, and the year under the Income-tax Law is the period initiating from 1st April and ending on 31st March of the subsequent calendar year.
The Income-tax Law classifies the year as the following: –
ITR stands for the Income Tax Return. It is filed in a prescribed form. The particulars of the incomes earned by any person in a financial year and the taxes paid on such income are communicated to an Income-tax Department by filing an IT return.
ITR allows carrying forward the loss and further claim refunds from the income tax department. The Different forms of income returns are prescribed for filing the returns for different Status and Nature of income.
A succession certificate cannot be granted for immovable property. According to the provisions of the Indian Succession Act, a succession certificate refers to a document which provides the holder of the certificate to receive or pay the securities and debts owned by the deceased on his behalf.
Yes, it can be challenged. Once the application for succession certificate is filed in the Court, the court will issue notices to all the relatives and legal heirs of the deceased asking if anyone have any objection regarding the grant of the succession certificate to the applicant.
To get a succession certificate, a petition must be prepared and filed in the relevant district court as per the jurisdiction. The relevant jurisdiction will be the ordinary residence of the deceased where he was residing at the time of death.
A Succession Certificate is required when someone wants to inherit the property or assets after the death of an immediate family member under the provisions of the Hindu Succession Act or Indian Succession Act.
The process to get a succession certificate may take 5 to 7 months. At least 15 to 30 days are required to issue a legal heir certificate.
A succession certificate holder can sell the deceased’s property. However, a legal heir certificate holder can sell the property of the deceased person only after taking written consent from all the legal heirs of the deceased in the form of NOC, i.e. No Objection Certificate.
Yes. Illegitimate children that are born form a man and a woman out of wedlock or they are not married will be considered as legal heirs.