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Archive: 12 March 2020

Posts in 12 March 2020

How to Create Hindu Undivided Family (HUF)

March 12, 2020 98354 Views 12 comments Print

A Hindu Undivided Family can be created by following ways: 1. Blending of individual property with the family Hotchpot 2. Receipts of Gifts 3. Doing Joint labour for the benefit of HUF 4. Inheritance through a specific bequest under a Will 5. Partition of a larger Hindu Undivided Family 6. Reunion of separated coparceners

National Pension Scheme in India

March 12, 2020 23416 Views 7 comments Print

National Pension System (NPS) is a pension cum investment scheme launched by Government of India to provide old age security to Citizens of India. It brings an attractive long term saving avenue to effectively plan your retirement through safe and regulated market-based return.

Assessment and Taxability of Hindu Undivided Family (HUF)

March 12, 2020 148377 Views 1 comment Print

Hindu Undivided Family (HUF)​ ♠ Hindu Undivided Family (‘HUF’) is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961 (Act). HUF is a separate entity for the purpose of assessment under the Act. ♠ Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common […]

S.194C TDS on payment to transporter owing more than 10 Goods Carriage

March 12, 2020 1401855 Views 154 comments Print

As there is no rationale for exempting payment to all transporters, irrespective of their size, from the purview of TDS, it is proposed to amend the provisions of section 194C of the Act to expressly provide that the relaxation under sub-section (6) of section 194C of the Act from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise)

Solutions to errors while doing E-TDS Return

March 12, 2020 925596 Views 414 comments Print

Invalid File Header Record Length. Invalid File Creation Date. Invalid File Sequence Number. Invalid TAN/TFC Id. Invalid TAN of Deductor / Employer / Collector. Invalid PAN of Employer /Deductor/Collector

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