Lifetime FREE Credit Card with 10X rewards
Most Searched
Top Products
Popular Searches
Bank Accounts
Populer FAQs
Signature is important and it is required to avail various products and services. To upload your signature
1. Go to More
2. Select Customer Service Dashboard
3. Select ‘Savings/Current Accounts’
4. Select ‘Upload Signature’ to upload your signature.
That's easy! Follow these steps to track your service requests:
1. From the home page of the app, tap on "Customer Service" section
2. Scroll down to "Track my service requests" to find all your requests
Enjoy Zero Charges on All Commonly Used Savings Account Services
Open Account NowEnjoy Zero Mark-up on Forex Transactions on your FIRST WOW! Credit Card
Apply Now
When it comes to financial planning and tax-saving strategies, the Hindu Undivided Family (HUF) structure stands out as a valuable asset for many individuals in India. A HUF is a discrete legal entity and is recognised as a single body when determining income taxes. The HUF is presided over by a head known as Karta, who declares its formation along with the members’ list.
This article gives a comprehensive insight into understanding HUFs and the top-income tax benefits they offer.
A HUF, or Hindu Undivided Family, is a distinct legal entity recognised under Indian tax laws. It comprises members of a Hindu family, bound together by a common lineage and living together as a joint family. However, don't let the name mislead you; HUFs are not exclusive to Hindus but can be formed by anyone, including Jains, Sikhs, and Buddhists.
Forming an HUF is a relatively straightforward process. It begins with a simple creation deed, where the head of the family (known as the Karta) declares the formation of the HUF and lists its members. This document must be signed by the Karta and two witnesses. Additionally, it is advisable to open a separate bank account in the name of the HUF to manage its finances effectively.
Like individuals, HUFs also enjoy several tax benefits on their income. Additionally, they also get several exemptions on investments, life insurance, and health insurance.
Now, let's dive into details of the income tax benefits that HUFs offer:
Forming and managing a HUF can be an effective financial move, especially when it comes to tax planning. By exploring the various tax benefits under the Income Tax Act and Regulations, you can optimise your family's financial well-being.
Do note that tax laws are subject to change, so it's advisable to consult a tax professional or financial advisor to make the most of these benefits while staying compliant with the latest regulations. By harnessing the power of HUFs and staying informed about tax-saving opportunities, you can pave the way for a more secure and prosperous financial future for your family.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.