Income Declaration Scheme, 2016 – Banks must accept large amount of Cash without any conditions
The Income Declaration Scheme, 2016 has come into effect from June 1, 2016. Under the said scheme, the declarants may pay their tax dues in cash at the Bank counters. In this connection, RBI invites attention to its circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, wherein banks have been advised to ensure that their branches invariably accept…
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Format of a WILL (draft for preparation of a WILL)
There is no prescribed format for a WILL; you can write a WILL in your own language in your own style. It is not necessary that any technical words or terms of art be used, no need to approach a lawyer to prepare a “WILL”, but only that the wording used in the ‘WILL’ shall…
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How to write a WILL?
The term WILL is, defined under Section 2(h) of the Indian Succession Act 1925. It is a declaration in writing by the Testator (A person who makes a will), showing how his/her properties and assets should be distributed after his/her death. The WILL surpasses the succession law on inheritance. The person, whose name is mentioned…
Read article What is the advantage of registering a will?
In terms of section 18 of Registration act, the registration of a WILL is not compulsory. In the case of Ishwardeo Narain Singh vs Kamta Devi ( AIR 1954 SC280), the Supreme Court also held and observed that in a majority of cases wills are not registered and to draw any inference against the genuineness…
Read article Importance of making a WILL in addition to nomination
The provisions of nomination are found in various Acts like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts. You might have made nominations for all your bank deposits, real estate assets in the co-operative housing society, Bank lockers, insurance policies, mutual funds, shares etc. Therefore, you assume that nominations made by you…
Free Annual Credit Report to Individuals from January 2017
Reserve Bank of India, directed today (September 1, 2016) that with effect from January 1, 2017, all Credit Information Companies (CICs) shall provide access, upon request and after due authentication of the requester, to a free full credit report (FFCR) once in a calendar year (January to December) to individuals whose credit history is available…
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