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HUF Act
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HUF Act: A Hindu Undivided Family (HUF) is governed by the Hindu Law and specific provisions of the Income Tax Act, 1961 in India.
The Hindu Law, which includes the Mitakshara and Dayabhaga schools of law, defines the legal framework and principles that apply to HUFs. These laws govern matters such as the formation, management, and dissolution of an HUF, as well as the rights and obligations of its members. HUF Act
Additionally, the Income Tax Act, 1961, contains provisions related to the taxation of HUFs. It defines the tax treatment of HUFs as a separate taxable entity and specifies the rules for computing and reporting the HUF’s income, claiming deductions and exemptions, and fulfilling the tax compliance requirements.
The provisions of the Income Tax Act, 1961, applicable to HUFs cover aspects such as filing income tax returns, maintaining proper accounting records, tax rates, deductions, exemptions, tax audits, and other compliance requirements.
It’s important for HUFs and their members to understand and comply with both the Hindu Law and the provisions of the Income Tax Act to ensure proper governance, tax compliance, and legal protection of the HUF’s interests. Consulting with legal and tax professionals who specialize in HUF matters can provide detailed guidance and ensure compliance with the applicable laws and regulations. HUF Act
For further details access our website https://vibrantfinserv.com
To visit- https://www.mca.gov.in/
