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HUF | Hindu Undivided Family – Tax Benefits
What is HUF? How HUF is formed? HUF does not arise from contract, but it is a creation of Law. After marriage as soon as a child is Born, HUF comes into existence. What documents are required for HUF formation? Tax Benefits on formation of HUF As HUF has a separate legal identity, there are…
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Income Tax Rate For One Person Company FY 2022-23
Company Act 2013 introduced our new concept of a single-owner company which is One Person Company as the name presents its company of one person. It’s similar to a private Limited company however in compliance there is relief for OPC Company. OPC is not recognized in Income Tax Act 1961. For taxation purposes, One personal…
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Budget 2023 Highlights: Key Takeaways, Important Points
The Finance Minister, Nirmala Sitharaman, unveiled the Union Budget 2023 on 1st February 2023. Generally, the budget before general elections is always a much-anticipated one with everyone hoping for big, bold moves. But most budgets tend to fall short on the surprise factor. This year’s budget was no exception as it was mostly just a…
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Income Tax – Latest Updates – Income Tax Guide 2022-23
What is Income Tax? Income tax is a type of direct tax the central government charges on the income earned during a financial year by individuals and businesses. It is calculated based on the tax slabs defined by Income Tax Department. What’s New in Income Tax