Hindu Undivided Family Yes, you are correct. A Hindu Undivided Family (HUF) is considered a separate tax entity in India. It is treated as a distinct taxpayer for income tax purposes. As a separate tax entity, an HUF has its own PAN (Permanent Account Number) and is required to file income tax returns. The… Read More »
Funds Taxability from Indian parents for NRI Funds taxability from Indian parents for NRI, As per the income tax rules in India, individuals residing abroad can receive money from their parents living in India without being liable for taxes, given certain conditions are met. Under the provisions of the Income Tax Act, 1961, gifts received… Read More »
Taxable allowances Taxable allowances, Under the Income Tax regulations in India, certain allowances are subject to taxation. Some of the commonly taxable allowances include: Dearness Allowance (DA): DA is an allowance provided to employees to offset the impact of inflation. It is fully taxable. House Rent Allowance (HRA) HRA is an allowance provided by employers… Read More »