Income Tax : Introduction A Hindu Undivided Family (HUF) is a distinct legal entity recognized by the Indian tax system. It is essentially a fa...
Income Tax : Learn about the partition of Hindu Undivided Family (HUF), its legal process, tax implications under Section 171, and the criteria...
Income Tax : Learn how Section 80D offers additional deductions on health insurance premiums for individuals and HUFs. Maximize tax savings und...
Income Tax : Explore the tax benefits of a Hindu Undivided Family (HUF) in India. Learn about deductions, exemptions, and potential drawbacks o...
Income Tax : HUF acts as an effective tax planning instrument. HUF stands for Hindu Undivided Family. HUF is considered as separate legal entit...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provi...
Income Tax : From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have...
Income Tax : The Direct Taxes Code proposes to substantially raise the threshold limit for levy of wealth tax to Rs 50 crore from Rs 30 lakh, a...
Income Tax : Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is...
Income Tax : ITAT Delhi's decision regarding applicability of Section 56(2)(vii)(b) to companies before April 1, 2017 in case of Rhythm Polymer...
Income Tax : ITAT Mumbai rules in favour of Anant Singhania HUF, allowing TDS credit for sale of housing property. The landmark decision provid...
Income Tax : Ishwarbhai Madhavlal Patel-HUF Vs ITO (ITAT Ahmedabad) In the present case, the Karta of HUF having expired in the year 2021 itsel...
Income Tax : S.K. Agarwal (HUF) Vs ITO (ITAT Delhi) It is an admitted fact that during the AY 2015-16, the assessee HUF sold a plot of land and...
Corporate Law : Rajeshwari Vs Bhunu Ram (Chhattisgarh High Court) Section 20 of the Hindu Adoptions and Maintenance Act, 1956 speaks about the mai...
Finance : an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fiftee...
Income Tax : The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an im...
Hindu undivided families (HUFs) will now have to mandatorily exit from the public provident fund (PPF) on completion of 15 years. The move is aimed at checking misuse as several people were investing in PPF to earn 8% tax-free return as an individual
an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making adjustments
Nomination is the process of appointing a person to take care of your assets in the event of your death. You can appoint a nominee for your bank account, fixed deposit, demat account, or even your house. A nominee could be a family member or a friend or any other person whom you trust.Procedure to appoint Nominee, Appoint of Minor as Nominee, Nomination by Joint Account Holder, Role of the nominee
In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provisions in the Income Tax Act, by including share sales in unlisted companies below fair market value under the ambit of regulations.
For the purposes of this clause, fees for technical services means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or other personnel) but does not include consideration for any construction, assembly
The direct tax code is unique in its approach in so far it prescribes a threshold limit of Rs.50 Crore. But it is to be understood only in respect of two taxable entities namely: 1.Individuals and 2. Hindu Undivided Family. However, the third taxable entity which is private discretionary trust is not treated at par for this limit of basic exemption.
Section 70(3) of the Act postulates that for any assessment year where there is a loss in respect of long term capital asset, the asscssee shall be entitled to have the amount of such loss set off against the income, if any fas arrived at under a similar computation) made for the assessment year.
The newly proposed section 56 [2][vii] in the Finance Bill, 2009 is no ‘rosagoola’. When the Hon’ble Finance Minister ‘pronounced’ his budget in the Parliament, there was not even a whisper of reference to this section in his speech. And in this silence, lurked a deadly Bengal Tiger called ‘section 56 [2][vii]’.
Since the passing of the Hindu Succession Act, 1956 (‘the Act’), one issue which was constantly agitated by the liberals was regarding the right of a daughter or a married daughter in coparcenary property of a Hindu Undivided Family. Some of the States which took the lead in liberalisation, passed State amendments to the Act, whereby an unmarried daughter married after the specified date was given a right in coparcenary property. Kerala, Karnataka and Maharashtra were some such States.
The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals” etc. Further for invoking provisions of 194J, there is no stipulation that the professional services have to be necessarily rendered to the person who makes payment to hospital. Therefore TPAs who are making payment on behalf of insurance companies to hospitals for settlement of medical/insurance claims etc under various schemes including Cashless schemes are liable to deduct tax at source under section 194J on all such payments to hospitals etc.
