Saturday, August 14, 2010

AN UNREGISTERED PRIVATE TRUST CANNOT OPEN A DEMAT ACCOUNT IN ITS NAME AND IN THE NAME OF GODS OR GODDESSES

As per Income Tax Act, individual income received by a particular trust for a particular deity may be
treated as income of said deity, but provisions of Income Tax Act cannot be relied upon so far as
opening of Demat account is concerned. Demat account is essential a commercial activity done on a
day to day basis and it is not expected that a private trust would bring the Gods and Goddesses in the
matter of share trading business.

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