Category: Taxation

Hindu Undivided Family (HUF) is considered as a separate legal entity. Due to this, forming a HUF can be an effective tax-saving mechanism for your family. A HUF has its own PAN and files ITR separately from its members. Not only Hindu families, but also Jains, Sikhs and Buddhists can form HUFs. In this article, […]

The ITR filing deadline is a really important date which needs to be kept in mind by all the taxpayers of India. It is a legal obligation for all the taxpayers to file Income Tax Return (ITR) of their income earned up to 31st July of the Assessment Year (AY) relevant to the Fiscal Year […]

The Finance Minister Smt. Nirmala Sitharaman presents the Interim Union Budget 2024-25 on February 1st. The mantra behind the budget was ‘Sabka Saath, Sabka Vikas and Sabka Vishwas’ and ‘Sabka Prayas’.  In the budget 2024 speech, FM Nirmala Sitharaman highlighted the Centre’s various programmes for women, youth, poor and farmers. They are the four major […]

In recent times, the ecommerce sector in India has witnessed exponential growth as several online portals have come up in the country that provide a wide range of products to consumes all across the country. Considering the rapid growth of ecommerce domain, the government of India has introduced a special guideline and provision for ecommerce […]

After the launch of GST in India, the indirect taxes came under one tax. The businesses get the benefits of lower taxes. However, to obtain the benefits, businesses are required to obtain the GST registration. In this, they have to file the registration application to the GST authority.  With the application, the required documents should […]

In 2017, the Government of India decided to replace Value Added Tax (VAT) with Goods and Service Tax (GST). This major move aimed to reduce the limitations of VAT and achieve some specific economic goals. The main reason behind the introduction of GST was to eliminate the cascading effect of taxes, simplify tax regime, increase […]

Filing your Income Tax Return (ITR) is like having a conversation with the government about your earnings for the year. It’s your way of saying, “Here’s what I earned and contributed.” The financial year starts on April 1st and ends on March 31st the following year. For instance, the financial year 2023-24 began on April […]

GST is a Goods and Service Tax, which puts the country’s indirect tax structure in one place. It was introduced to simplify the taxation system in India, the concept of GST is ‘One nation one tax’ in which all indirect taxes are put under an umbrella of GST. This step is taken to make Indian […]