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What are the common deductions available for HUFs?
Common deductions include those under Sections 80C, 80D, and 24(b) for home loan interest.
Common deductions include those under Sections 80C, 80D, and 24(b) for home loan interest.
See lessHow can an HUF be created?
An HUF is created automatically through marriage and the birth of a child. A formal HUF deed and a PAN card can be obtained for legal recognition.
An HUF is created automatically through marriage and the birth of a child. A formal HUF deed and a PAN card can be obtained for legal recognition.
See lessWhat are the benefits of forming an HUF?
Benefits include additional tax exemptions, deductions, and the ability to pool family income and assets.
Benefits include additional tax exemptions, deductions, and the ability to pool family income and assets.
See lessHow is an HUF taxed in India?
An HUF is taxed separately from its members, based on the applicable income tax slab rates.
An HUF is taxed separately from its members, based on the applicable income tax slab rates.
See lessWhat is a Hindu Undivided Family (HUF)?
An HUF is a family unit recognized under Hindu law, consisting of common ancestors and their descendants.
An HUF is a family unit recognized under Hindu law, consisting of common ancestors and their descendants.
See lessAre freelancers required to pay advance tax?
Yes, freelancers are required to pay advance tax if their total tax liability exceeds Rs. 10,000 in a financial year.
Yes, freelancers are required to pay advance tax if their total tax liability exceeds Rs. 10,000 in a financial year.
See lessWhat is the due date for filing tax returns for freelancers?
The due date for filing tax returns for freelancers is July 31st of the assessment year.
The due date for filing tax returns for freelancers is July 31st of the assessment year.
See lessWhat is the presumptive taxation scheme for professionals?
Professionals with gross receipts up to Rs. 50 lakh can opt for presumptive taxation, where 50% of gross receipts are considered as income.
Professionals with gross receipts up to Rs. 50 lakh can opt for presumptive taxation, where 50% of gross receipts are considered as income.
See lessWhat are the common deductions available for freelancers?
Common deductions include expenses related to office rent, utilities, travel, professional fees, and equipment purchases.
Common deductions include expenses related to office rent, utilities, travel, professional fees, and equipment purchases.
See lessHow is income from freelancing or professional services taxed?
Income from freelancing or professional services is taxed as "Income from Business and Profession" after deducting allowable expenses
Income from freelancing or professional services is taxed as “Income from Business and Profession” after deducting allowable expenses
See less