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Huf (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
30 April 2012

Good Day,

I want to open a proprietorship company. My queries are:-

1. Can KARTA be the proprietor?

2. How to proceed to open bank a/c and then income tax formalities?

With Regards


CA PARAS BAFNA

( Expert )
01 May 2012

Any Individual who is karta or "Kuchh Nahin Karta" can become a proprietor. If you want to say that can HUF be a proprietor, then also the reply is -Yes.
.
IT formalities start by initiating the process of obtaining a PAN card of the Proprietor, if he is not having. For HUF , PAN application has to be made in the name of HUF on which Karta has to sign.
.
For Opening a bank account you have to go to a Bank for obtaining Account Opening Form. You have to fill up the particulars in the form and alongwith it necessary documents like photo, address and Photo identity proofs are to be submitted.
.


prakash kochar

( Expert )
01 May 2012

Bafnaji has correctly replied for your querry in addition-
Bank account is to be open in the name of HUF and operating person will be a Karta (Manager) of HUF. For opening the account names of all the member of HUF are to be furnish in account opening form. For carryingon the business of HUF the initial investment must be out of HUF fund.


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