Huf
This query is : Resolved
02 April 2021
My son is working in it sector with on salary basis. He wants to work as freelancer in his spare time with another it company. Can he work as employee of my huf and get honararium from huf and the huf can get the freelance work fees as huf income? If yes, what will be huf's tax liabilities? Presumptive or actual basis?
02 April 2021
The HUF can claim presumptive income also.
The HUF will report the fees charges from customer after deducting the salary paid as business profit and pay taxes.
The taxes will be applicable on the basis of slab rates.
The HUF will report the fees charges from customer after deducting the salary paid as business profit and pay taxes.
The taxes will be applicable on the basis of slab rates.
02 April 2021
Ok. Thanks mam for a prompt reply. I think presumptive for huf would be 8 percent. Right? Or is it minimum 50% as per individuals? Can I claim on actual basis also?
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