Hindu Undivided Family (HUF) is defined as a separate tax entity that consists of individuals lineally descended from a common ancestor and includes their wives and unmarried daughters. HUF is recognized as a distinct assessable entity under the Income Tax…
Introduction:Individuals in employment often work hard achieve their personal financial goals. Salaries or wages are the considerations for the services provided by these employees to their organisation. However, if something more than just salary or wages are offered to employees…
Introduction: Income tax department have made their intentions clear in Union Budget 2023 to make new tax regime as default regime to file Income Tax Returns of all kinds of taxpayers. Earlier old tax regime was the default regime to file…
Form 12BB : Investment Declaration Form What is Form 12 BB?Form 12 BB is an Investment Declaration form that every salaried individual employee needs to submit to their employer for the purpose of claiming deductions of tax and exemptions on…
In India, many people are not aware about their eligibility and liability to file the Income Tax Return and hence they end up either not filing the ITR or under reporting the income that is subject to be reported on…
Introduction: Almost every individual dreams of having a house of his own. Many a times, an individual invests his entire life savings in buying a property on his name. This is sometimes done through utilising one’s long saved own funds or…
TCS (Tax Collected at source) What is TCS:Income tax provisions in India are dedicated at providing ample revenue to government, which the government shall use to provide better standard of living to citizens of this nation. In order to help…
Deduction of tax at source from income has been one of the most crucial part of compliance for every set of persons as prescribed by law. Provisions of Deduction of Tax at source are attracted upon fulfilment of certain conditions…
Introduction: In India, tax planning has been one of the most worrisome factor for common individuals and corporates who are not well aware of the benefits available to them. However, government of India has given certain special benefits to Individuals for…
