Can huf have commission income

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WebNov 19, 2013 · In my opinion, HUF can have a commission income as HUF can have a business income and commission is a business income. If others disagree, kindly care to answer, which category can we put commission income into ?? For the purpose of … http://caportal.saginfotech.com/blog/opportunities-ca-cma-cs-in-budget/

commission+to+huf India Judgments Law CaseMine

WebAug 3, 2024 · Section 194H deals with TDS deduction on the payment of commission or brokerage. It mandates tax deduction by the person (other than individual/HUF) responsible for paying commission or brokerage to resident persons at the rate of 5% when the amount exceeds Rs.15000 in a year. [3.75% from 14th May 2024 to 31st March 2024, at a … WebThe option can be exercised for every previous year where the Individual or the HUF has no Business Income. For a person having Business Income, once the option to be taxed under the new tax regime has been exercised for a previous year, shall be valid for that previous year and all subsequent years till the business continues to exist. small machine used to make shea butter oil

TAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE …

WebApr 22, 2024 · An HUF can also submit Form 15G to avoid TDS on dividend income. Aarti Raote, Partner, Deloitte India says, "An HUF can invest in shares of a company and in … WebApr 22, 2024 · Income Tax Appellate Tribunal, Chandigarh (ITAT): The Coram of Sanjay Garg (Judicial Member) and Annapurna Gupta (Accountant Member) examined the issue … WebThus, it can be concluded that the salary/remuneration drawn by the Karta/members of HUF are deductible as a business expenditure provided the payment is genuine and … small machinist clamps

Hindu Undivided Family: easy to make, but difficult to break

Commission income in huf & individual [Resolved]

WebASSESSMENT OF VARIOUS ENTITIES 12.97 When a claim of total partition of HUF has been made by any member of the HUF on behalf of the HUF, the Assessing Officer shall inquire into such claim. For this purpose, he shall give notice to all the members of the HUF. Thereafter, the Assessing Officer shall, on completion of inquiry, record a finding as to … WebBoth Mr. X and the HUF (including other members of HUF) can claim tax deduction u/s 80C. Trending in Tax Savings Form 10A of the Income Tax Act Form 10-IC of Income Tax Act Section 80CCD (1) and 80CCD (2) Section 80TTA/80TTB: Deductions for Interest Income small machine shop setupWebMar 15, 2024 · Q. CAN HUF EARN COMMISSION INCOME. Q. CAN HUF EARN COMMISSION INCOME. 123 views. Question added Mar 15, 2024 Income Tax By CA Pankaj Joshi, CA, Delhi. Respected Sir, My query is whether commission income can be earned by HUF or it will be considered income of its Karta. Kindly do the needful and … small m\u0026a advisory firms

"WebApr 5, 2024 · The real estate brokerage activity generated commission income of HUF 102 million through its network of 38 offices. Note: As presented in the Q4 2024 report and in the annual report published as part of the General Meeting proposals, the Group consolidates its Italian subsidiaries starting of 1 April 2024. ... " - Can huf have commission income

Can huf have commission income

WebApr 15, 2024 · A person who is earning income in the nature of commission or brokerage; A person who is engaged in any profession as prescribed u/s 44AA (1). The presumptive taxation scheme of section 44AD can be exercised only if your total turnover or gross receipts from the business do not exceed Rs. 2 crores [Earlier, the same was Rs. 1 … WebFeb 2, 2024 · 3,60,500. In conclusion, they were able to save Rs. 2,21,450 (5,81,950 – 3,60,500) by forming a HUF and diverting some of the incomes. HUF transactions should …

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WebThe Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. WebJan 17, 2024 · The CIT (Appeals) erred in sustaining the disallowance of the commission payments made to Mr.P.K.Venkateswaran, HUF amounting to Rs.5,71 ,500/- in the …

http://expertspanel.in/index.php?qa=46594&qa_1=can-huf-earn-commission-income WebSep 19, 2024 · According to the Income Tax Department website, in assessment year (AY) 2015-16, there were a total of 9,98,878 tax returns filed by HUFs representing Rs 38,615 crore of gross total income while the total tax payable was of Rs 3,064 crore. "It is evident that the total tax paid viz a viz income declared under HUF regime is less than 10%. …

Web1. Who is eligible to file ITR-2 for AY 2024-22? commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. Have the income of … WebSep 17, 2024 · Personal Tax. Gifts received by taxpayers is taxable under the Income Tax Act ['the Act'] in case the same is received from non-relatives and is in excess of Rs 50,000. Relatives have been defined under the relevant provisions of the Act to include spouse, brothers, sisters, parents, grandparents, and spouse of all of these relatives.

WebAug 9, 2024 · HUF doing brokerage is possible only if there is an existing goodwill of business. That would mean if HUF is in the business of selling agricultural products or earning income from farming, if it receives orders that it cannot fulfil and passes it on as a commission, that could very well be treated as income of HUF.

WebMay 28, 2015 · So, even if the members have individual incomes, those are not clubbed with the income of the HUF. The way individuals get tax deductions under various sections of the Income-tax Act, 1961, HUFs ... highland vipWebThe profession of doctor is attributable as special skill and hence will be treated as personal income. Diversion of income to HUF will be questioned by IT and will be disallowed. 4 … small machining projectsWebApr 12, 2024 · Section 194N of the Income Tax Act 1961:-. Section 194N is applicable from 1st July 2024. Section 194N provides for TDS (Tax Deduction at Source) on cash withdrawals from banks, post offices, and co-operative banks by certain persons. As per Section 194N, if an individual or HUF (Hindu Undivided Family) withdraws cash from … highland villas apartments bryan txWebOct 25, 2024 · Thus, the HUF can claim both the standard deduction on house property (equal to 30% of rental income) and also the deduction of up to Rs. 1.5 lakh annually under Section 80C. Thus the, total annual tax benefit that can be claimed by the HUF is Rs. 4.5 lakh, which is in addition to the Rs. 1.5 lakh tax benefit that can be claimed by Mr. highland villas highland illinoisWebBoth Mr. X and the HUF (including other members of HUF) can claim tax deduction u/s 80C. Trending in Tax Savings Form 10A of the Income Tax Act Form 10-IC of Income Tax … small macrame animalshttp://expertspanel.in/index.php?qa=46594&qa_1=can-huf-earn-commission-income small magazine racks for homesWebgenerate further capital. The entity is allowed to earn from all legitimate ways except by way of salary. It can engage in business, investing in real estate and market linked … highland village theatre