Latest news with #Sriram
Mint
5 days ago
- General
- Mint
The split-up: How to protect your assets before and after marriage
When marriages end in divorce, it can get quite ugly, especially when it comes to dividing property and assets. The courts award both interim maintenance and final settlement amounts, even in the case of mutual divorce. These can impose a heavy burden upon one of the spouses. According to lawyers that Mint spoke to, several solutions are available. While none of them is foolproof, each can reduce the risk in litigation. Why you should protect your assets Marriage is generally entered into with the thought of living 'happily ever after' and few imagine that things will go sour. However, a certain percentage of marriages fail every year. There are no defined laws on the division of assets and court judgments can vary hugely according to the view taken by the judge overseeing the case. One spouse does not automatically get 50% of the assets and property. The courts aim to maintain the same standard of living for both spouses after separation, which could mean the spouse who brought a large number of assets into the marriage may suddenly find himself or herself compelled to pay a large sum as maintenance or final settlement. Also Read | Can divorce impact your credit score adversely? We explain here In the absence of defined laws, divorce cases can drag on for several years. A family lawyer, on condition of anonymity, told Mint it is a common practice to file interim maintenance applications under the Hindu Marriage Act, Domestic Violence Act and Section 125 of the Code of Criminal Procedure (now replaced by the Bharatiya Nagrik Suraksha Sanhita or BNSS). Once interim maintenance is granted, it can take five to seven years for a final decree. Prenuptial agreements In the case of marriages under the Hindu Marriage Act, the courts do not generally recognize prenuptial agreements. These are considered as opposed to public policy and hence void under the Indian Contract Act, 1872. "The law views Hindu marriage as a sacrament and not a contract. In the past, courts have taken a view that prenuptial agreements can be considered as promoting separation or divorce and are hence against public policy," said Varun Sriram, a partner at J Sagar Associates. Moreover, conditions in a prenuptial agreement that deny a spouse alimony or maintenance will be considered invalid because it overrides their statutory rights. However, the chances of recognition of prenups, or at least their persuasive value, are higher in the case of Muslims, Christians and Parsis, who are governed by different laws that recognize the contractual element in marriage. 'If you look at the Nikah namah under Muslim law or the Indian Divorce Act for Christians, there are some differences compared to the Hindu Marriage Act. Nikah namah, an Islamic marriage contract, can have certain terms and conditions of marriage, which can be considered in the nature of a prenup," Sriram said. Similarly, an ante-nuptial contract is explicitly recognised in the Divorce Act, 1869, which applies to Christians, said Ankur Borwankar, founder of Prenup India, a platform to create prenuptial agreements online with legal experts. The Portuguese Civil Code, 1867, which applies to persons domiciled in Goa, also recognizes ante-nuptial agreements. Prenups have a higher chance of recognition for Hindus marrying under the Special Marriage Act (SMA). 'Where parties are married under the Special Marriage Act, prenups in a relative sense may have more value since they wouldn't be considered violative of any personal law, otherwise applicable," said Sriram of JSA. A couple keen on entering a prenuptial agreement can consider registering their marriage under the SMA. This doesn't prevent them from having a separate wedding ceremony as per their customs. However, it should be noted that in such cases, succession laws will apply as per the Indian Succession Act. The personal laws of the spouses, regardless of their religion, will not determine inheritance. Sriram of JSA said in the recent past, family courts have looked at prenups more liberally to understand the context and intentions of the parties, which have helped them to avoid long-drawn contests and effectively conclude such matters. One such case is the Commissioner of Income Tax v Mansukhrai More (1988). The Calcutta High Court had to decide whether a trust created by the assessee for his children was for adequate consideration or not for income tax purposes. Also Read | Why is it essential to update child insurance policies after a divorce? Here are 6 key reasons The court held that the assessee was bound to create the trust under a prenuptial contract with his wife's mother and hence not liable for the additional assessed income. Thus, the court indirectly accorded recognition to prenuptial agreements. According to Sriram, under certain circumstances, it may be good for couples to consider and enter into prenuptial agreements to provide for and preempt certain aspects and protect their assets, especially related to pre-marriage assets and other inheritances. 'These agreements can be executed with nominal stamp duty and credible witnesses. Notarization, video recording, or registration are additional options if required," said Sriram. How can a trust help Forming a private trust before a marriage can help in separating and protecting pre-marital assets, including inherited property, from potential matrimonial disputes and division of assets in divorce proceedings. Dhanashree Datar, a legal advisor at LegaLogic, said under Indian matrimonial laws, assets acquired before marriage generally remain separate property, but complications arise when such assets are used for family purposes during the marriage. 'Such assets often commingle with marital property. A pre-marital trust creates a distinct legal entity that holds title to the settlor's (in this case the spouse who is creating the trust) assets, ensuring clear demarcation between pre-marital wealth and assets acquired during marriage. This structure provides protection against claims under Section 27 of the Hindu Marriage Act or similar provisions in other personal laws, as trust assets remain legally separate from the spouse's personal estate," she said. Also Read | Do NRI marriages abroad impact succession rights in India? Sriram said while a trust is an option, it could have limitations. 'In settlement of immovable property, the restriction is that stamp duty remissions wouldn't apply even if the beneficiaries are related," said Sriram of JSA. Postnuptial agreements Can a postnuptial agreement be upheld in court? According to legal experts, they are not treated differently from prenup agreements. More importantly, when a marriage has already turned sour and the matter has reached the court already, any attempt to 'dispose of' or move assets into a separate entity can be regarded by the court as a deliberate attempt to frustrate alimony or divorce-related judgments about money. This includes creating a trust and transferring assets to parents or siblings. However, there are three assets that cannot be attached by the courts even if there is an adverse judgment against you. These are the balances in your Employees Provident Fund, Public Provident Fund and National Pension System. Another solution is to sign a postnuptial memorandum of understanding on how assets will be divided in the event of a divorce. While this, too, may not be enforced by the court, it can have persuasive value, according to Borwankar.
Time of India
5 days ago
- Business
- Time of India
33% more money on tax refund interest this year for income taxpayers due to ITR filing deadline extension
The Income Tax Department has extended the due date for Income Tax Return (ITR) filing from July 31, 2025, to September 15, 2025. However, there is an unintended consequence of ITR filing deadline extension by income tax department for FY 2024-25 (AY 2025-26). This deadline extension may result in higher interest payout for many people claiming income tax refund this year including both Indian and NRI taxpayers. Taxpayers can claim an income tax refund in their ITR, when their income tax liability is lower than the tax amount already deposited by them through TDS deduction, advance tax, etc. Under Section 244A, the income tax department has to pay simple interest of 0.5% interest on the whole or the excess amount of tax refund so refunded, for every month or part of a month. However, one has to remember that this interest on tax refund is taxable as income from other sources in the relevant year of earning. Many taxpayers won't mind this increased income as this income may still remain tax-free for them. This is because from FY 2025-26 (AY 2026-27), non-salaried and salaried individuals can enjoy completely tax-free income for levels up to Rs 12 lakh and Rs 12.75 lakh respectively due to increased Section 87A tax rebate. How can taxpayers get extra tax refund interest due to ITR filing deadline being extended to September 15, 2025 S. Sriram, Partner, Lakshmikumaran and Sridharan attorneys, says: 'Though the due date is extended till September 15, 2025, if the tax-payer files the return by July 31, 2025, the CPC can process the return immediately and grant the tax refund. But the delay in filing of return by taxpayers till September 15, 2025 will certainly entitle them additional interest, till the time the income tax return so filed, is processed by the Centralised Processing Centre.' Sriram adds: 'Granting of refund of taxes is not dependent upon the due date for filing of tax returns, but actual filing of return by the taxpayer, and the processing of return by the CPC.' Chartered Accountant (Dr.) Suresh Surana agrees with Sriram and adds: 'In furtherance to the press release dated 27th May 2025, the CBDT has issued Circular No. 6 of 2025, also dated 27 May, 2025, clarifying that the due date for filing an ITR under Section 139(1) stands extended from July 31, 2025 to 15 September 15, 2025. Accordingly, when an assessee furnishes their ITR on or before 15th September 2025, such ITR will be treated as filed within the time allowed under Section 139(1). As a result, interest under Section 244A on eligible tax refund amounts will be payable from April 1, 2025, even if the ITR is furnished after July 31, 2025 but within the extended due date of September 15, 2025. Live Events 'Delay in releasing utility means delay in ITR filing, resulting in delay in refund. All the refunds which are being stuck will get delayed. Also, the government will have a huge bill of paying additional interest on tax refunds, which will be funded again by the taxpayer's money,' says Chartered Accountant Chirag Chauhan. Also read: ITR filing last date extended from July 31, 2025, for FY 2024-25 (AY 2025-26): Check the new date here How much extra money can taxpayers get due to the ITR deadline extension for FY 2024-25? For this calculation we have taken five possible scenarios and assumed that the taxpayer filed his/her ITR on September 15, 2025, and e-verified it. There is also another assumption which is that the tax refund is out of TDS deducted on the income. Interest on the tax refunds is also assumed to be paid by September 30, 2025: Scenario Tax Refund Interest @0.5% per month from 01st April till September 30, 2025 Interest @0.5% per month from 01st April till July 31, 2025 Scenario Tax Refund (in INR) Interest@0.5% per month from April 1, 2025 till July 31, 2025 (in INR) Interest@0.5% per month from April 1, 2025 till September 30, 2025 (in INR) A 25,000 500 750 B 50,000 1000 1500 C 1,00,000 2000 3000 D 1,50,000 3000 4500 E 2,00,000 4000 6000 Source: Chartered Accountant (Dr.) Suresh Surana If we calculate the extra percentage of tax refunds on account of interest, then it comes to be 33% in each case. With the previous deadline of 31 July a taxpayer, who is eligible for Rs 25000 tax refund and filed ITR by July 15, would have received an interest amount of Rs 500 if refund was processed on July 31. However, due to deadline extension if he now files the ITR by September 15 and refund is processed on September 31 he would now receive Rs 750 as interest on this refund amount of Rs 25,000, which is 33% more than Rs 500. Interest given on tax refund amount is taxable for all taxpayers According to Surana, 'Interest received on income tax refund is taxable in the hands of all categories of taxpayers. Such interest is granted under Section 244A and is chargeable to tax under the head "Income from Other Sources" in the year in which it is actually received, irrespective of the assessment year to which the refund pertains. Accordingly, taxpayers are required to report this interest income in their ITR and discharge the applicable tax liability thereon.' This means that the interest granted on tax refund amount is taxable for FY 2025-26 (AY 2026-27). For FY 2025-26 (AY 2026-27), taxpayers can enjoy up to Rs 12 lakh completely tax free due to application of enhanced limit of Section 87A tax rebate. This will result in many taxpayers being eligible to pay no income tax on the interest amount that they receive with their income tax refund. Manmeet Kaur, Partner at Karanjawala & Co, explains how interest on tax refund is computed. "Till the tax refund amount is refunded, the Income Tax Department shall pay interest over and above this amount that is to be refunded. This component of interest on income tax refund is computed from the date of filing of income tax returns. In case the return is filed on or before the due date, interest begins to be computed from 1st April of the Assessment Year till the grant of refund. If the return is filed after the due date, the interest shall be computed from the date of return filing to the date of grant of refund. Section 244A of the Income Tax Act, 1961 provides for the modalities and computation of interest payments to taxpayers on the refund amount pending after filing of ITR. Therefore, the interest on refund may be dependent upon verification of the income tax refund claimed by the taxpayer by the Income Tax Department, and the extension of due date might or might not matter at all."
NDTV
7 days ago
- Sport
- NDTV
Suresh Raina To Become CSK Batting Coach? Franchise Breaks Silence On Rumour
As the Chennai Super Kings (CSK) took on the Gujarat Titans (GT) in their final game of the Indian Premier League (IPL) 2025 campaign on Sunday, Suresh Raina dropped a big hint over what the future may hold for him. Raina, who is also an IPL legend, having played most of his career for the Chennai franchise, has been linked with a move to the team as a batting coach ahead of the next season. The rumour became a big talking point among fans and even reached the ears of the franchise's current coaching staff. As CSK bowling coach Sridharan Sriram attended the press conference after the conclusion of the franchise's season, he was asked about the Suresh Raina rumour. Sriram said that he would first need to speak to Raina and confirm if he said something on these lines. "I don't know. I have to ask him if he said that," said Sriram in the post-match press conference after CSK had beaten Gujarat Titans with their most impressive performance of the season in Ahmedabad. In the commentary box, Raina had dropped a hint by saying CSK were on the hunt for a new batting coach before fellow commentator Aakash Chopra asked him if the new coach's name began with S. Raina dropped the biggest hint in the conversation as he said that the franchise's soon-to-be batting coach had hit the fastest IPL half-century for CSK. For the unversed, Australia great Michael Hussey is the batting coach of the team at present. As CSK head into a phase of redevelopment after a disappointing 18th edition of IPL, Sriram the trio of MS Dhoni, Stephen Fleming, and Ruturaj Gaikwad know what went wrong with the side this term. "Really don't know what is going to happen, I think the good thing is Fleming and MS, Ruturaj. They've got a clear idea of what went wrong and what needs to be done," continued Sriram to explain about the situation. "So I think the road ahead is quite clear, which I think is a real positive." Listen to the latest songs, only on
Hindustan Times
26-05-2025
- Sport
- Hindustan Times
CSK break silence on rumours of Suresh Raina returning to franchise in IPL 2026: 'Have to ask if he...'
Suresh Raina made waves during the broadcast of Chennai Super Kings' (CSK) final game of IPL 2025, as he seemed to drop a hint regarding a potential return to the CSK team in the capacity of a coach. However, current CSK spin bowling coach Sridharan Sriram held the information close to his chest, as he revealed nothing about the situation. 'I don't know. I have to ask him if he said that,' said Sriram in the post-match press conference after CSK had beaten Gujarat Titans with their most impressive performance of the season in Ahmedabad. During JioStar's Hindi broadcast, Raina dropped a hint by saying CSK were on the lookout for a new batting coach before being asked by Aakash Chopra if the new coach's name began with S. Raina responded by saying the person had the fastest IPL half-century for CSK on the day when Dewald Brevis had registered the second-fastest 50 for the franchise. Australian great Michael Hussey is currently the batting coach for CSK, but Raina's comments have led many CSK fans to wonder if the CSK legend will return to the team's dugout after their first last-place finish in IPL history. Raina played for CSK for 12 years between 2008 and his retirement in 2021 and is associated with a vastly successful era in the team's history. However, it is unclear if Raina is expected to come on officially, or if he might be in more of a mentorship position. 'Really don't know what is going to happen, I think the good thing is Fleming and MS, Ruturaj. They've got a clear idea of what went wrong and what needs to be done,' continued Sriram to explain about the situation. 'So I think the road ahead is quite clear, which I think is a real positive.' CSK do have plenty of room for improvement, particularly in their batting, but have reasons to be enthusiastic. The breakthroughs of Brevis and Ayush Mhatre as well as the promise shown by Urvil Patel presents a road forward, especially with the return of Ruturaj Gaikwad in 2026. Whether that group has Raina as their guiding hand remains to be seen.
Indian Express
26-05-2025
- Sport
- Indian Express
Suresh Raina to become CSK batting coach in IPL 2026? Assistant bowling coach responds
Amidst his commentary duties during Chennai Super Kings' last match of the IPL 2025 season against Gujarat Titans at the Narendra Modi Stadium on Sunday, former CSK batter Suresh Raina hinted at a possible reunion with the side next year. Raina made a cryptic statement that was soon taken on by fans and social media to be a signal that the CSK legend could return to the franchise as a batting coach, a role currently led by Michael Hussey, next season. However, CSK's assistant bowling coach remained tight-lipped when quizzed about Raina's revelation at the post-match press conference. 'I don't know. I have to ask him if he said that,' a smiling Sriram said. Earlier in the evening, Raina grabbed eyeballs during an in-studio discussion on CSK's 2025 season with former India batters Aakash Chopra and Sanjay Bangar. Raina claimed that CSK is in talks to hire a new batting coach. In a bid to dig deeper, Chopra asked if the next coach's initials began with an 'S'. 'He has made the fastest fifty,' Raina responded with a chuckle. Raina, who represented CSK in 200 matches and leads the batting charts with 5529 runs, had smashed the fastest fifty for the franchise off 16 balls in IPL 2014. 'Chalo ho gaya bhai (then it is done), you heard it first here!' – quipped Chopra in a potential confirmation of what could unfold in the road to the next season. Since his previous association as a player for the franchise, Hussey has retained the batting coach role for CSK since 2018. Despite a thumping win over the Titans, CSK ended the season at the bottom of the table with eight points. However, there was some glimmer of hope for the five-time champions in the late replacement signings of Ayush Mhatre, Dewald Brevis and Urvil Patel. 'These are forced changes. There were injuries that happened, and we had to replace. Fortunately for us, the people who came in did well,' said Sriram. 'I won't go back and dig too deep into it, saying we made mistakes at the auction table.'
