HUF stands for Hindu Undivided Family. It is a collective family unit formed for tax-saving purposes by aggregating or pooling assets. It is a joint family structure where the HUF is considered a distinct entity separate from its individual members. The HUF includes Hindus, Buddhists, Jains, and Sikhs. It obtains its own Permanent Account Number […]
RBI MPC Meeting February 2025, RBI Monetary Policy Committee (MPC) Highlights: The MPC revised the repo rate for the first time in two years, voting unanimously to cut it by 25 basis points from 6.50% to 6.25% in view of easing retail inflation and slowing growth. The rate cut comes even as the Rupee continues
The Indian Union Budget 2017-18 allocated 2.78 lakh crore rupees to Centrally Sponsored Schemes. The core of the core schemes and the core schemes are the two types of CentralSponsored Schemes. What is a centrally sponsored scheme? These are schemes that are funded partially by both the Central and State Governments. It is a channel which the
Wealth-tax Settlement Commission (1) The Central Government shall constitute a Commission to be called the Wealth-tax Settlement Commission 45[***] for the settlement of cases under this Chapter. (2) The Settlement Commission shall consist of a Chairman 46[and as many Vice-Chairmen and other members as the Central Government thinks fit] and shall function within the Department of the
There are many types of companies, but mainly private limited and public limited are the types of company. The public company means those companies traded publicly in terms of security and recognized stock exchange. The private limited company is the one that is not listed in the stock exchange, and its security is held by
The Direct Tax Code (DTC) 2025 is poised to revolutionize India’s taxation landscape by replacing the complex Income Tax Act of 1961 with a unified, clear, and taxpayer-friendly framework. This article explains what the Direct Tax Code is, its evolution, key features, benefits, and potential challenges—all in an easy-to-read format enhanced with tables and icons
📌 Introduction to Income Tax Audit Section 44AB of the Income Tax Act mandates an audit of accounts for certain individuals and businesses, ensuring financial transparency and compliance with tax laws. This article provides a detailed and structured overview of the applicability, exemptions, and audit requirements under this section. ✅ Applicability of Section 44AB The
Jaipur, February 4, 2025 – The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has condoned a delay of 724 days in filing an appeal by the assessee, citing “sufficient cause” and a “humanitarian approach” towards the circumstances leading to the delay. The case, concerning M/s. Choudhary Construction, was remanded back to the Commissioner
New Delhi, February 2025: The Indian government has outlined its fiscal strategy for the upcoming years in its latest Fiscal Responsibility and Budget Management (FRBM) Policy Statement. The report, tabled in Parliament by Finance Minister Nirmala Sitharaman, revises the fiscal deficit target for FY 2024-25 to 4.8% of GDP, with a further reduction to 4.4%
CA Bhuvnesh Kumar Goyal
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