What is a HUF? HUF stands for Hindu Undivided Family. To reduce taxes, you can establish a family group by combining assets to create a HUF. The HUF is subject to taxation separately, distinct from its members. Not only Hindu families but also Buddhist, Jain, and Sikh families can create an HUF. A HUF obtains its unique PAN (Permanent Account Number) and submits tax returns independently of its members. Tax implications of forming a HUF How to save tax by forming an HUF? A HUF is subject to taxation independently…

Income Tax Refund Sometimes, a person may end up paying taxes more than the actual Tax he's liable to pay. This may be due to excess TDS deducted or an extra income tax estimate. In such instances, you are eligible to claim and get the refund of excess Income Tax paid. 1. What is Income Tax Refund? While Filing the Income tax return, during final calcualtion of the Income tax Liability, it may happen that you may have paid extra income tax and you are eligible for an income tax…

In India, the Income Tax Department is responsible for collecting taxes from residents and foreigners earning income in India. The Income Tax Department also collects taxes on capital gains. In order to file an Income Tax Return, you will need to have your PAN card and bank account details handy. You can find the PAN card application form on the Income Tax website. The process of filing an income tax return is easy and straightforward but it helps if you understand some of the terminology used by the department: It…

In India, Income earned during Financial year that is April-to-March, is to be reported to the Income tax Department. After end of the financial year, normally a taxpayer gets 4 months time (i.e. July) to file their return with the department. While taxpayers typically get a few months after the financial year ends to file their returns, recent updates in Budget 2026 have restructured these deadlines to ease the compliance load.In this article, we will break down the exact due dates for filing Income Tax Returns (ITR) in India for…

Income Tax Audit Due Date Extension: Latest News Some people who have to file tax audit reports and income tax return filing for FY 2020-21 have had their deadlines pushed back by the Central Board of Direct Taxes. By a press release on January 11, 2022, the income tax department announced that this would be the case.Extension of Due Dates for TAR & It ReturnTypeCurrent Due DateExtended Due DateTax Audit Report15.01.202215.02.2022Transfer Pricing Report31.01.202215.02.2022Audited Case IT Return15.02.202215.03.2022Transfer Pricing Case IT Return28.02.202215.03.2022The Central Board of Direct Taxes (CBDT), while exercising its powers under Section…