Chartered Accountancy services Compliance, audit, and financial solutions

27/01/2026

The Power of HUF: Unlock Tax Savings for Indian ResidentsAre you an Indian resident with income exceeding ₹7 lakhs? Discover how a Hindu Undivided Family (HUF) can help reduce your tax liability. Let's break it down.What is HUF?
A Hindu Undivided Family (HUF) is a distinct legal entity comprising members related by blood or marriage. It operates as a unique tax structure, capable of generating income, filing returns, and optimizing taxes independently.Key Benefits of HUFSeparate Tax Entity: HUF is taxed apart from its members, allowing income splitting to lower your overall family tax burden.Own PAN and Bank Account: It gets its dedicated PAN card and bank account for seamless financial management.Income Streams: HUF can claim shares from family businesses, rentals, or investments, shifting taxable income from personal slabs.How HUF Taxation WorksIncome up to ₹7 lakhs: Enjoys full tax exemption under the new regime.Income above ₹7 lakhs: Taxed at individual slab rates, but with the benefit of an additional basic exemption limit.Tax Savings Opportunity
Form an HUF to divide high family income strategically. For instance, transfer ancestral assets or business profits to the HUF—its lower slab taxation can save thousands. (Always ensure compliance with IT Act rules on transfers.)Conclusion
HUF remains a potent tool for tax planning in India. Master its benefits to minimize liabilities and boost savings.Key Takeaway: HUF offers real tax efficiency, but success depends on proper setup and rules. Consult a chartered accountant today to tailor it for your family!l.Available
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PURAN BHAT FCA,DISA
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CHARTERED ACCOUNTANTs

1. Reasonable contribution was made towards improvement of bottom line of various… · Experience: PURAN BHAT & CO.,Chartered Accountant · Education: ICAI · Location: Ghaziabad · 31 connections on LinkedIn. View Puran Bhat’s profile on LinkedIn, a professional community of 1 billion member...

21/01/2026

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09/12/2025

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Chartered Accountant services across Delhi NCR & Jammu & Kashmir. Accounting, Taxation, Audit, Company compliance, UDIN generation, CA certifications.

17/11/2025

📢 Important Tax Update for Homeowners and Housing Societies:
The Income Tax Appellate Tribunal (ITAT) Mumbai has clarified that in redevelopment projects, individual flat owners—not the housing society—are liable for any capital gains tax arising from the sale or transfer of development rights to builders.
In its recent ruling on October 27, 2025, involving the RBI Employees Bhagvati Co-operative Housing Society Ltd., the tribunal confirmed that the tax burden rests with the members, as they are the actual owners of the flats. The housing society merely acts as a facilitator to execute the redevelopment agreement.
What this means for homeowners:Any cash compensation, rent, or extra built-up area received during redevelopment will be taxed as capital gains in the individual’s hands.The nature of the gain (short-term or long-term) will depend on the ownership period and cost of acquisition of the original flat.Eligible homeowners can still claim exemptions under sections like 54 and 54EC.
This decision reinforces that tax liability follows ownership, not representation. Housing societies are not liable for capital gains tax when acting on behalf of members.
🏠 For members of societies undergoing redevelopment, understanding the tax implications early can help plan better and reduce liabilities.
Reach out to our team for guidance on capital gains exemptions and tax planning strategies tailored to redevelopment scenarios.📞 Contact us today to make redevelopment work tax-efficiently for you.

02/10/2025

25/09/2025

The much-awaited GST Appellate Tribunal has been formally launched by the Hon'ble Finance Minister Smt. Nirmala Sitharaman, marking the operational rollout of GSTAT. This milestone is expected to streamline & ease the GST litigation process and significantly offload the burden of High Courts. A dedicated GSTAT Portal for submitting appeals has also been launched.

Several new changes have been introduced in the Invoice Management System (IMS) to simplify the taxation system and reduce the compliance burden on the taxpayers. The following are the key updates
Pending action for specified records: Taxpayers can keep specified records pending for a limited time period. For monthly taxpayers, this period is one tax period (months), for quarterly taxpayers also it is one tax period (quarter) only. The specified records which can be kept pending in the system are mentioned below
a. Credit notes, or upward amendment of Credit note
b. Downward amendment of CN where original CN rejected
c. Downward amendment of Invoice / DN only where original Invoice already accepted and 3B has been filed
d. ECO-Document downward amendment only where original accepted, and 3B has been filed
Declaring ITC reduction amount:
It is clarified that, in cases where the recipient has not availed Input Tax Credit (ITC) in respect of the relevant invoice or document, no reversal of ITC shall be warranted. Further, in cases where ITC has been availed only partially, the obligation to reverse ITC shall be limited to the extent of such availment.
Therefore, In IMS a facility has been made available to taxpayers to declare the amount of ITC actually availed and, to the extent applicable, required to be reversed in respect of the selected record. The said facility permits reversal of ITC, either in full or in part, by entering the amount availed to be reversed. This facility may also be utilized in cases where the taxpayer has already effected such reversal, either wholly or partially, at an earlier point of time, or where the ITC pertaining to the relevant invoice or document was never availed. Such facility is provided for the afore-mentioned specified records.

25/09/2025

The Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing various audit reports for the Previous Year 2024–25 (Assessment Year 2025–26), from 30th September 2025 to 31st October 2025, for assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act.

25/09/2025

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