समृद्धि की पाठशाला

All about HUF HUF (Hindu Undivided Family ), Basic purpose of creating a HUF is to save Income Tax arising out of family Income .This is new form of Tax saving tool. In India there are many Hindu families who live jointly and their properties are ancestral as well as self acquired. Income arising out of such properties can be shown as separate income and to be taxed separately. Basically, HUF account can be created by right of birth and not by an agreement between two parties. Any individual covered under Hindu personal law that is Hindu,Sikh, Jain or Buddhist can create an HUF account, if they have property income and want to save income tax. Benefit of creating HUF By creating HUF one can save substantial amount of Income tax , this is because HUF is treated as distinct entity , separate from Individual forming the HUF. Let me give you a live example question asked by a client : Sir, I am working in govt job and my total income is around Rs. 12 Lakh per ...

What are documents required for GST registartion ?? For different categories of entity , different documents are required for Registration of GST 1. For Sole Proprietorship – Photo of sole proprietor; Copy of PAN card; Copy of bank statement or cancelled cheque or first page of the pass book of owner. Copy of address proof for registered office; Electricity bill, water bill, landline bill etc. of owner; Copy of legal ownership document or municipal bill copy (in case of owned premises) Rent agreement and No Objection Certificate (NOC) from the owner of the premises (in case of rented premises). 2. Partnership Firm – PAN card of partnership firm and designated partners; Photograph of all the partners; Identity proof of all the partners; Copy of address proof for registered office; Electricity bill, water bill, landline bill etc.; Copy of legal ownership document or municipal khata copy (in case of owned premises) Rent agreement and No Objecti...

What is Presumptive Taxation  (Section 44AD) We all know that in order to calculate Tax payable by a business house or Professionals like Doctor , lawyers, CA etc , we have to check their Books of accounts , Find out his Turnover or Income and assess Income tax payable by Them. However in order to save them from complexities , Govt has launched a scheme for such Business man whose annual turnover is less than 2 crore per FY  and Professionals whose Income is less than 50 lakh per FY to avoid keeping books of Accounts and pay tax on Presumption basis as follow : A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account. in case of a person adopting the provisions of  section 44AD , income will be computed on presumptive basis,  i.e.,  @ 8% of the turnover or gross receipts of the eligible business for the year. Income shall be calc...