Income Tax : HUF allows families to create a separate tax entity with its own PAN and ITR, enabling income splitting and slab-wise benefits. Th...
Income Tax : While HUF offers tax advantages, salaried individuals often lack valid corpus. The analysis explains why benefits may be limited i...
Income Tax : The Income-tax Act 2025 introduces the new tax regime as the default taxation method for individuals and certain entities. Taxpaye...
Income Tax : This article explains what qualifies as agricultural income under Section 2(1A), why it is exempt under Section 10(1), and how par...
Income Tax : Explains how a properly structured HUF can access separate exemptions and threshold benefits. Takeaway: Formal setup and eligible ...
Corporate Law : The Government reaffirmed that HUFs are assessable units solely for income tax purposes and lack corporate status. They cannot col...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
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 : While accepting “Application for allotment of PAN (Form 49A)” if both the addresses (residence and office) are mentioned in th...
Income Tax : The Tribunal upheld addition under Section 69 as the assessee failed to establish that the LIC investment belonged to the HUF. Mer...
Income Tax : The ITAT set aside the CIT(A)’s order taxing Rs. 10 lakh received from HUF, emphasizing verification of the gift and HUF status ...
Income Tax : The ITAT deleted a capital gains addition, ruling that the use of an individual's PAN during a property sale cannot legally overri...
Income Tax : ITAT Surat remands case to CIT(A) for fresh adjudication on HUF gift taxability under Section 56(2)(vii) of the Income Tax Act, ci...
Income Tax : ITAT Bangalore held that dismissal of appeal by CIT(A) merely because the same was filed belatedly not justified as CIT(A) failed ...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Fema / RBI, Finance, Income Tax : Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed ...
Income Tax : Notification No. 49/2010-Income Tax In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Bo...
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...
Estate planning helps to decide about one’s heirs and also fix important details like when, how and in what proportion they are to receive inheritance. Making a will is the easiest and most common way of bequeathing your property. There are also other options like making a trust, gifting assets during one’s life time, family settlement, nomination, power of attorney.
eBook covers various complex topics such as Tax Audit, TDS, HUF and Capital Gains. Book provides brief analysis of various complex issues falling under the above mentioned topics duly supported by latest relevant judicial pronouncements and provisions of law.
1 Meaning of HUF 2. Characteristics of HUF 3. Who can be ‘Karta’ 4 Sole Surviving Coparcener 5 Consequence of Amendment in Hindu Succession Act 6 Mode of Creation of HUF 7 Income Tax Issues
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
Provided further that 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, if any, in respect of any interest due from the subscriber on loans taken by him.
E-filing Mandatory for Individual and HUF who required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable
Notification No. 49/2010-Income Tax In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes, modifying the permitted modes of filing return of income (ROI) for (i) companies and (ii) individuals and Hindu Undivided Families (HUF) which are liable for tax audit.
The concept of HUF under Hindu law as well as Income-tax Act, 1961 is the same. As stated earlier, HUF is purely a creature of law and cannot be created by an act of parties (except in case of adoption and reunion). A HUF is a fluctuating body, its size increases with birth of a male member in the family and decreases on death of a member of the family.
HUF which is same as joint Hindu family is a body consisting of persons lineally descendant from a common ancestor, including their wives and unmarried daughters, who are staying together jointly; joint in food, estate and worship. The daughter, on her marriage, ceases to be a member of her father’s HUF and becomes a member of her husband’s HUF.
In so far as the rents received from Samsung are concerned., the finding recorded by the Assessing Officer is that, the structure is constructed by the Company itself with its own funds and not that the super structure has been constructed by the shareholders on the land belonging to the Company or a case where the investments
