File tax after long time

If she wants to start as sole proprietorship,she have to open a seperate account.

she may start any business .

Thanks for quick response.

Her Name in PAN card is old (before Marriage). Should business and TAX details remain old or updated(after marriage)? Is there advantage or disadvantage doing so?

She may change her name ,after submitting the relevant documents for new name.

But if she still continues with her old name(i.e. unmarried name) there is no problem.

Excellent! I am satisfied and thank full for anwers and quick response.

I was reading other forum on this site and learn that creating HUF would good idea at this stage, how does it help in my case?

Also, I would be interested to see example HUF having couple (Husband and Wife) and Minor Son.

Can Husband(Salary) and Wife(Business) file seperate tax-return along with HUF return? What are TAX pros-cons?

To create HUF there must be some common property, all individuals earning seperately can not form HUF,

To your second question, yes the HUF members may have other incomes, other than HUF share.

Thanks.

So, lets say we have common fund from marriage Gifts so we can create HUF, right?

Now, is below example correct? 

1. Husband has taxable income 5L so file return as per Form 16 from Employer

2. Wife have 10K in own account from GIFT from Husband and earns 1L from Business. So file return for 1L

3. HUF account has 1L on which FD interest is earned 10K. So file return for this incode as well.

For each PAN different tax returns

Is that correct? anyone please

hey, i got married in feb 2013, before marriage i'm working and my income was 1.8 Lac and also having lic in my own name? how can i show this lic in my return.

Now i would like to know how can my husband avail this benefit, will i show my lic in both (me and my husband return form)

please replay as soon as possible

To learn how, sorry for late reply,

To create a huf, the gift must be given to the family.

Husband will file return on the amount showed under his form 16 + clubbing of income.

Wife income will be clubbed with the husband, as she earned money from the gifted to her from husband.

Huf will pay tax on the f.d interest earned.

To Shikha,

The sum paid to LIC will be allowed as deduction u/s 80C while filling return of income.

If LIC is paid in cash, then you or your husband any one of them may take advantage of such deduction in the respective return of income.

Both can not take the benefit of one LIC.