Huf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
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
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
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.
.
.
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.
.
Message likes :
1 times
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.
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
