23 November 2014
My family have a general store where all kirana items, packed milk, etc. are deals with. The turn over is less than 1 crore but higher than 50 Lakhs, which is not yet register in VAT and income tax return not also filed yet. Now i decided to create an HUF and register in VAT and file income tax return. My main concern is that how can every transactions can be maintained for VAT purpose. Pleas suggest me.. 1. How to create HUF? 2. Can Income tax return be filed u/s 44AD? 3. If i have agricultural sale whether such sale to be included in turnover limit of rs. 1 crore? 4. How record are can be maintained for VAT purpose?
23 November 2014
All your reply is in TES. Why you want to have anu HUF. There are two schools of HUF 1) Dayabhaga - This is applicable to Assamese and Bengali's - Here right in property is given immediately after death of the father or mother but not on birth.
2) Mitakshara - Here right in property is given on birth and is applicable to all other people except Muslims.
You have not stated under which school of Hindu law you are following.
I have seprately replied your this part in another question asked by you.
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