The question asks about the applicability of the Mitakshara School of Hindu law concerning succession, specifically within the framework of the Income Tax Act. It's important to understand which groups this school of law traditionally applies to and how tax legislation might reference these personal laws.
The Mitakshara is one of the two major schools of Hindu law (the other being the Dayabhaga school). It is the dominant school of law across most of India. Key features include:
While the Income Tax Act primarily deals with financial matters, it often recognizes concepts from personal laws, especially concerning HUFs. An HUF is a distinct entity for income tax purposes. The applicability of the Mitakshara school determines the structure and management of such HUFs and their tax liabilities. The Act generally follows the personal law applicable to the assesses. The distinction between Mitakshara and Dayabhaga schools becomes crucial, particularly regarding the geographical areas where each applies.
This is incorrect. Hindu law, including the Mitakshara school, applies specifically to Hindus, Sikhs, Jains, and Buddhists by religion, and not to all citizens irrespective of their religion or personal law.
This is incorrect. Firstly, the Mitakshara school governs HUFs and coparcenary, not just 'nuclear families'. Secondly, Bengal and Assam are traditionally regions where the Dayabhaga school of law applies, not Mitakshara. Therefore, this option is geographically and structurally inaccurate.
This option aligns correctly with the principles. The Mitakshara school applies to Hindus, Sikhs, and Jains. The exclusion of Bengal and Assam is significant because these regions predominantly follow the Dayabhaga school. Therefore, Jain and Sikh undivided families (which fall under the purview of Hindu law principles for succession) in the rest of India would be governed by the Mitakshara school for matters related to succession and HUF property, which is relevant for the Income Tax Act.
This is incorrect due to the geographical limitation. As mentioned, Bengal and Assam follow the Dayabhaga school, not the Mitakshara school. This option incorrectly applies Mitakshara principles to this region.
The Mitakshara School of Hindu law is applicable to Hindu Undivided Families (HUFs), including those comprising members who are Sikh or Jain, across most of India. However, due to the prevalence of the Dayabhaga school in West Bengal and Assam, the Mitakshara rules related to succession and coparcenary are generally considered inapplicable in these specific states. Thus, the correct group for whom the Mitakshara school applies under the Income Tax Act are Jain Undivided families and Sikh undivided families residing in India, excluding the states of Bengal and Assam.
Income received and accrued or arisen outside India from a business controlled in or a profession set up in India, is taxed in the hands of which of the following?
a. Every citizen of India
b. Domicile of India
c. Ordinary Resident
d. Non-Ordinarily Resident
e. Non-Resident
Choose the correct answer from the options given below:
Match the LIST-I with LIST-II
| LIST-I | LIST-II |
| A. Deduction of Tax at source on fees for professional and technical services | I. Section 194 B |
| B. Deduction of Tax at source from income by way of rent | II. Section 193 |
| C. Deduction of Tax at source from winnings from lotteries or crossword puzzles, etc. | III. Section 194-I |
| D. Deduction of Tax at source from interest on securities | IV. Section 194 J |
Choose the correct answer from the options given below: