Everything You Need to Know About HUF and Its Tax Benefits This form of organisation i,e The Hindu Undivided Family (HUF) is something which is not very commonly found across the globe and portrays the traditional Indian cultural values of the joint system of family. Now, if we consider HUF only fro...
Understanding Allowances Under the Head 'Salary' as per the Income Tax Act, 1961 When it comes to taxation, salary income is one of the most scrutinized heads under the Income Tax Act, 1961. Employees receive various types of allowances as part of their compensation package. These allowances can sig...
Residential Status Taxation of individuals in India is primarily based on their residential status in India for a particular financial year. The phrase “residential status” was coined under India’s income tax rules and should not be confused with citizenship. Let’s say a person is a resident of Indi...
To – Do list after filing your ITR Once, you are done with the immense task of filing your ITR, you might think that the job is done. But wait, there is more to it. There are still a few things on the checklist that you may need to tick off first. What are these things? Let’s find out. 1. Verify you...
Understanding Heads of Income Most of us strive for better living standards, better facilities etc for which we work tirelessly and earn money. This can be through various sources like salary, rent, business, interest, dividend etc. However, in order to determine the taxability of the same, the inco...