deepak K Gujrati
CA-practice
[ Scorecard : 704]
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Posted On 09 April 2009 at 20:38
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HUF is the proprietor of a Trading Firm. Karta of the HUF is managing the firm and getting salary from HUF business.
Salary so received by the Karta is shown as Salary Income in his personal Return.
Please confirm if there is anything wrong in it.
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parthasarathy
Practising, C.A
[ Scorecard : 185]
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Posted On 10 April 2009 at 11:57
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hello sir, there is no problem for the karta of an huf to claim salary for managin the huf business. the salary so claimed becomes his individual income.
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shweta jain
Assisstant Audit Manager
[ Scorecard : 124]
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Posted On 10 April 2009 at 12:35
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does huf have to deduct tds on the salary paid to the karta??
what if there is the relationship of proprietorship firm and the proprietor??
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silky jain
chartered accountant
[ Scorecard : 162]
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Posted On 10 April 2009 at 16:39
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hi shweta,
if the salary exceeds the maximum amount not chargeable to tax after claiming deduction under chapter VIA.HUF hav to deduct tds on salary paid to karta.in case of proprietorship salary paid to proprietor will be treated as Drawing.
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M.M.SURANA
INCOMETAX & SALESTAX CONSULTANTNS PROJECT FINANCE ANALYST
[ Scorecard : 363]
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Posted On 10 April 2009 at 18:18
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Mr. Deepak
I agree with Mr. Parthsarthy & Ms. Silky Jain. The Salary paid to karta is a allowable as an expenditure. but salary paid should be reasonable, as per nature & size of business, otherwise to some extent it may disallow. Further, HUF is holding separate status, and salary paid to karta for the running & management of business will be in the capacity of individual, hence TDS can be deducted if it is applicable as mentioned by Ms Silky Jain.
Surana, Chennai
9952967237
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