The Hindu Undivided Family (HUF) is a well-established mechanism for tax planning in India. In this article, we will explore the complexities of HUFs, including their formation, essential components, taxation aspects, and the substantial tax-saving advantages they provide. Understanding the HUF: Karta, Coparceners, and Members Karta At the heart of every Hindu Undivided Family (HUF) … Read more
Understanding the income tax slabs for the financial year 2024-25 (assessment year 2025-26) is crucial for you before ITR Filing. Both the old and new tax regimes offer different benefits. Thus, taxpayers can choose the tax regime as per their own financial needs and understanding. Let’s understand the latest income tax slabs for FY 2024-25 … Read more
As a taxpayer in India, you can choose the tax regime. There are two options. Old Tax Regime and New Tax Regime. Both these tax regimes have their own unique benefits. Thus, it is important for you to understand Income Tax Slabs FY 2023-24 & AY 2024-25 before doing ITR Filing. Old Regime Tax Rates … Read more
Stay informed about latest changes in ITR Filing for FY 23-24 through this article and avoid potential penalties or errors in their filings, thereby minimising the risk of audits or legal issues. Streamlining Tax Processes for Businesses The income tax department has introduced changes to simplify tax procedures for businesses, particularly in the area of … Read more
Under the guiding principles of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the comprehensive national approach of “Sabka Prayas,” Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament. The key highlights of the budget can be summarised as follows: Budget 2024 Highlights: Direct and Indirect Tax No … Read more
A major update for everyone as The Income Tax Department has notified a new income tax liability. As per the latest notification, you have to pay taxes on any sum received under a life insurance policy when the yearly premium exceeds Rs 5 lakh. Let’s learn all about the latest update of Life insurance policy … Read more
An income tax notice is a written communication from the Tax Department to a taxpayer indicating an issue with their tax account. It may be sent for various reasons such as unfiled returns, assessment, or requesting specific information. When received, the taxpayer must address it within the specified timeframe. Otherwise, you may have to face … Read more
The ITR-3 applies to individuals and Hindu Undivided Families (HUFs) who earn income from profits and gains derived from business or profession. On the other hand, the ITR-4 is designed for taxpayers who choose the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. Nevertheless, if the turnover … Read more
ITR Filing offers multiple benefits to everyone. In fact, you also get the benefits of filing income tax returns even if it is not mandatory for you to file returns. By doing so, you may unlock potential advantages and safeguard your financial interests. Moreover, filing before the deadline can provide you with peace of mind, … Read more
As you already know, House Rent Allowance (HRA) is a benefit that salaried employees receive as part of their salary. Furthermore, you must also know that it can be used to reduce your Income Tax Liability while ITR Filing. Know all the crucial details to claim house rent allowance exemption in ITR Filing through this … Read more