Whether HUF Can Be A Proprietor ?

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Whether HUF Can Be A Proprietor ?

TUTORIALS LIBRARY
GUIDE & FAQ @ TAX

A question arises whether a HUF can become a proprietor of a concern. Proprietor is an owner of any concern and there
is no legal bar in such a case. In case it is proposed to make a HUF as a Proprietor of any business concern, the best
way would be to have a trade licence in such a name wherein it is clearly indicated that the HUF is the Proprietor of
business concern. Once the trade licence is obtained, the other formalities like opening of the account can be done and
then the business as usual can be carried on.

A Proprietorship concern is not governed by any specific law as such and therefore, there is no bar on HUF becoming a
Proprietor of any concern or firm. In such a case it is advisable to make a declaration of the members as to carrying on
business as its Proprietor. In the rubber seal it may be clarified that the HUF is proprietor.

It may be noted that the bank account of the Proprietorship business of which HUF is the Proprietor can be opened in any
name which the HUF wants and the HUF can be the Proprietor of such business name. For example suppose, if the name
of the Business is SWAAGAT which is a proprietorship concern of HUF namely Ramkumar ShyamKumar HUF, then the
description can be as follows:-

GRAPHICAL PRESENTATION @ TAX

TIPS & TRICKS @ TAX
MANAGERIAL & FINANCIAL DECISIONS @ TAX
5 GOLDEN RULES OF TAX PLANNING
FAMILY TAX PLANNING
DEDUCTIONS FROM YOUR INCOME
EXEMPTED INCOMES
HUF - FORMATION, MANAGEMENT & TAX
PLANNING
COMPUTATION OF GROSS TOAL INCOME
INCOME TAX @ GLANCE
MULTIPLE KNOWLEDGEBASE ON TAX
51 TIPS ON TAX PLANNING

For Swaagat

APPEALS UNDER INCOME TAX

ASSESSMENTS

Per Pro Ramkumar Shyamkumar HUF

PENALTIES UNDER IT DEPATMENTS

Proprietor

TAX SAVING SCHEMES

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TAX READY RECKONER

TAX RATES
MORE TOPICS ....
Meaning of HUF Hindu Undivided Family
Meaning Of 'HUF' Under Tax Laws

PROSECUTIONS UNDER INCOME TAX

DEPARTMENT
TAXATION SYSTEM IN INDIA
CHARITABLE & RELIGIOUS TRUST - TAXATION

Difference Between Joint Hindu Coparcenery Under The Hindu Law And HUF Under The Income-Tax Act, 1961
Mitakshara Law & Dayabhaga Law - HUF
Constitution Of HUF Property By Own Will Or Choice Of A Person
HUF- Drawings or Expenses

KNOWLEDGE BASE !

Formation of HUF On Intestate Death of a Hindu Father

Formation of HUF On A Son/Daughter Being Born To Hindu Parents
Bigger HUF And Smaller HUF
HUF- Opening a Bank Account / DEMAT Account
HUF - DEMAT OR DEPOSITORY Accounts
HUF - Public Provident Fund ( PPF ) Account
HUF - Capital Gain Account
HUF - Deduction from HUF Business Income
Income Derived From Funds Of HUF -Whether Individual Income Or Family Income
Gift by HUF to its Member
Gift To Minor Daughters Out Of HUF Property Prior To Marriage
Gift of HUF Property to Stranger or to any Person who is a Alien to HUF
Clubbing Provisions In Case Of Gifts Received By HUF
Applicability of Clubbing Provisions in case Karta of a HUF is a Partner in a Firm
Gifts received by HUF from Aliens / Strangers
HUF - Investment Options
Concept of Multiple HUFs
Whether a Single Member can Constitute a HUF ?
Whether any Limit is placed on Number of Members of a HUF ?
Whether HUF- Can Be Constituted with only Female Members ?
Drawings / Expenses of HUF
Whether HUF can be a Shareholder / Subscriber to the MOA ( Memorandum Of Association) of a Company
Whether HUF can be a Member of a Cooperative Society ?
Whether HUF can be a Partner ?
Can KARTA of a HUF enter into Partnership with another Member of HUF ?
Can There Be A Partnership Between Two HUFs?
Effect Of Death Of Karta In Case Of Partnership Firm
Whether HUF Can Be A Proprietor ?
Whether HUF Can Be A Trustee / Settler ?
HUF - Aliyasantana Law

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Penalties Under Income Tax Act.
1956
Sec. 143(3) : Scrutiny Assessments by
Income Tax Department
How is a Search Operation Conducted
by Income Tax Department ?
Surveys for Checking Ostentatious
Expenditure
Surveys for Enforcing Compliance with
Provisions of TDS
Summon U/s 131 of Income Tax Act.
Investigation by Income Tax
Department:
Appellate Authorities of Income Tax
Department
Power to Call for Information U/s Sec.
133(6) of Income Tax Act.
Specific Surveys U/s 133A(1) of Income
Tax Act.

HUF - Marumakkattayam Law

Power of KARTA in relation to HUF
Managing Members in relation to HUF

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Whether a Female can become a Karta ?

Tax Planning TIPS for HUF
HUF - Meaning Of Important Term- Ancestral
HUF - Meaning Of Important Term- Stridhan
HUF - Meaning Of Important Term- Mitakshara

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HUF - Meaning Of Important Term- Dayabhaga

Meaning of the term Coparcener of HUF
Power of Coparcener of HUF

Corporate Tax ( Taxation in Companies)

Difference between a Coparcener and a Member

FAQ on TDS on Salaries

Whether Husband / Wife Can Constitute A HUF ?

FAQ on Taxable Income

HUF - RECOVERY PROVISIONS

Maintenance of Accounts by HUF

FAQ on Filing of Income Tax Return

Audit of Accounts by HUF

Graphical Chat Presentation of Provision of Motor

Car / Other Vehicles [Rule 3(2)(A)&(B)]

Applicability Of The Accounting Standards On HUF

Whether Merger Of Two HUF is Possible ?

Tax Amendment at a Glance for Year 2015

Residential Status of the HUF under I.T. Act.1956

'Appeals' Under Income Tax Act. 1961.

Coparcener Property under HUF

'Assessments' Under Income Tax Act. 1961.

List of Exempted Incomes (Tax-Free) Under
Section-10
Income Under the Head ' Business and
Professions' [Section 28 to 44]
Income Under the Head ' Capital Gain'
Income Under the Head ' House Property
'[Section- 22 - 25 ]
Income Under the Head "Salary"
[Section 15-17]
Computation of
Gross Total Income

Deductions from
Taxable Income

Family Tax Planning

HUF- Formation,
Management & Tax
Planning

Tax Saving Scheme

How is a Search Operation Conducted by Income Tax Department ?

The provisions relating to search and seizure are contained in section 132 of the Income Tax Act, 1961.
Sec. 143(3) : Scrutiny Assessments by Income Tax Department
Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to
substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the
help of evidence..

Income Tax on 'Partnership Firms'

PENALTIES Under Income Tax Act. 1961.
Tax Saving Schemes for Individual for AY
2015-2016-Instant Guide
Income Tax Rates / Tax Slabs (AY-2014-2015 &
2015-2016)
"Exempted Incomes" under Income Tax Act.
Charitable & Religious Trust :Formation,
Registration, & Taxation
Hindu Undivided Family [HUF] - Formation,
Management and Taxation

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Clubing of Income

Deduction U/s 80C

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Penalties Under Income Tax Act. 1956

Penalties by way of monetary payments are charged under the Income Tax Act for various defaults relating to payment
of taxes, maintenance of accounts, for noncompliance and non co-operation during proceedings, for evasion of tax, etc..
Income of Individuals And HUFs As a Tax Payers Under Income Tax Act, 1961.
The individual tax payers and also the HUFs while proceeding to calculate the net taxable income in the first phase are
required to arrive at the gross total income under different heads of income...
Types Of Income Subject To TDS [Deduction Of Tax At Source]
The following types of incomes are mainly subject to deduction of tax at source: (a) Salaries Section 192. (b) Interest on
securities Section 193..
Pre-Requisite For Claiming Income Tax Refund
For claiming income tax refund the first prerequisite is that there should have been excess tax paid or deducted at
source on the basis of return of income.
Section-139(1) : Provision for Voluntary Income Tax Return
Every person, (a) being a company or a firm; (whether having income or loss) or (b) being a person other than a
company or a firm if his total income or the total ncome of any other person in respect of which he is assessable under
this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall file a
return of his income in the prescribed form.
Benefits of Filing Income Tax Returnsn
We have heard many a times that every individual whose total income exceeds the maximum exemption limit is
obligated to furnish his/her Income Tax Return or ITR.
Section-139(9): Defective Tax Return
Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate
the defect to the assessee and give him an opportunity to rectify the defect within a period of 15 days from the date of
intimation.
Section 139(5) : Revised Income Tax Return
If any person, having furnished a return u/s 139(1), or in pursuance of a notice issued under section 142(1), discovers
any omission or any wrong statement therein, he may furnish a revised return at any time.
Section-139(4A) : Income Tax Return of Charitable and Religious Trusts

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Every person in receipt of income derived from property held under trust or other legal obligation wholly or partly for
charitable or religious purposes or of income being voluntary contributions referred to in section 2(24)(iia) shall.
Section-139(4) : Belated Income Tax Return
If an assessee has not furnished a return of his income within the time allowed to him under section 139(1) or within the
time allowed under a notice issued under section 142(1).

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