What is a HUF? HUF stands for Hindu Undivided Family. To reduce taxes, you can establish a family group by combining assets to create a HUF. The HUF is subject to taxation separately, distinct from its members. Not only Hindu families but also Buddhist, Jain, and Sikh families can create an HUF. A HUF obtains its unique PAN (Permanent Account Number) and submits tax returns independently of its members. Tax implications of forming a HUF How to save tax by forming an HUF? A HUF is subject to taxation independently…

Income Tax Refund Sometimes, a person may find up paying taxes more than they are really needed to. This may be due to excess TDS deducted or an extra income tax estimate. In such instances, you are eligible to claim an income tax refund. 1. What is Income Tax Refund? An individual may sometimes wind up paying more tax than they should. You may be eligible for an income tax refund, for instance, if advanced tax or tax deducted at source (TDS) exceeds the amount you are required to pay.…

In India, the Income Tax Department is responsible for collecting taxes from residents and foreigners earning income in India. The Income Tax Department also collects taxes on capital gains. In order to file an Income Tax Return, you will need to have your PAN card and bank account details handy. You can find the PAN card application form on the Income Tax website. The process of filing an income tax return is easy and straightforward but it helps if you understand some of the terminology used by the department: It…

In India, Income earned during Financial year that is April-to-March, is to be reported to the Income tax Department. After end of the financial year, normally a taxpayer gets 4 months time (i.e. July) to file their return with the department. however the due date for different category of taxpayer varies. In this article we will discuss about the due dates of filing Income Tax Return in India for all Taxpayers. 31st July 2022: The common due date is 31st July for filing the Income Tax Return for the taxpayers…

Section 80C of Income Tax Act 1961 has been a widely used tax deduction for many individuals, but it does come with some caveats. Here are 8 Deductions Available under Section 80C of Income Tax Act 1961 which guidelines can be followed to claim deductions according to the lay of your land. LIC Premium Paid If you are an individual resident in India, you can claim a deduction of the LIC premium paid under Section 80C of the Income Tax Act, 1961. The LIC premium is a mandatory tax paid…

Taxes are unavoidable, but it's not your fault - which brings us to this article on claiming the appropriate deductions. A blog article containing information and advice on tax deductions you can take advantage of today to help lower your Income Tax liability. Save money with these key tips! New Concessional Tax Regime for Individual and HUF in India From FY 2020-21 onwards, the government has implemented a new simplified optional personal income tax regime for Individuals & HUF. Individuals and HUFs are allowed to pay income tax at reduced…