Opinion Of Eminent Legal Luminaries On Controversial Issues

Executors – Income -Return of Deceased

QUERY: Kindly enlighten us to when the return of the deceased can be filed by the executor if estate was not distributed fully?
ANSWER: Section 159 of the Act is meant to enable the revenue to make an assessment on legal representative in respect of income which accrued to or was received by the deceased till his death.
\While Section 168 enjoins an assessment on executors in respect of the income which accrues to the deceased after his death, the estate being vested in executor.
As per Section 168(3), the executor will continue to be assessed until the estate is distributed among the beneficiaries. Thus, till the estate is completely distributed, the executors will have to file return of income of the estate.
EXPERT:
SECTION(S):
GENRE:
CATCH WORDS:

Leave a Reply

Your email address will not be published.

*

Credit: Several of the queries and answers are reproduced with permission from the AIFTP Journal. We thank AIFTP for generously allowing us to host their research material.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this document nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org