HUF Tax Benefits: How to Save Income Tax?

The Hindu Undivided Family (HUF) is a unique entity under Indian tax laws, providing various tax benefits that can significantly aid in tax planning and savings. This blog delves into the tax implications of HUF, highlighting the relevant sections from the Income Tax Act and exploring various methods of tax planning. Tax Benefits and Implications of HUF HUFs are eligible for a range of tax...

Practical Case Studies on Old vs. New Income Tax Regime.

Introduction: In the bustling city of Mumbai, India, resides Priya, a middle-class working professional. She finds herself grappling with a challenging decision: whether to opt for the New Tax Regime introduced by the Government or stick with the familiar Old Regime. This decision holds immense significance for Priya and millions of other Indian taxpayers, impacting their financial stability...

Is the New Tax Regime appealing enough? : Practical difficulty of New Tax Regime.

Background: Utilization Trends of the New Tax Regime The dual objectives outlined in the budget speech for the new tax regime are recognized, yet there is a noticeable reluctance to fully embrace it. This hesitation seems to originate from the elimination of numerous exemptions and deductions linked to choosing the new regime. Considering that Indian society tends to prioritize saving for...

Comparative analysis of Old Tax Regime and New Tax Regime.

  The Hon’ble Finance Minister in her speech mentioned five major announcements impacting personal income tax rates and once of major announcement is tax rebate for income upto ₹ 7 lacs in new tax regime. Thus, comparing it with old tax regime individual having income (taxable income) up to ₹ 5 lacs will not have to pay any tax the new tax regime looks favourable for the taxpayers....