means of individual & h.u.f
This query is : Resolved
17 April 2010
SIR PLEASE TELL ME THE MEANS OF individual & h.u.f.IF I HAVE A CO. NAMED CHWALA TRANSPORT CO. THAN AM I A INDIVIDUAL OR H.U.F PLEASE SIR ITS ADVANCE
18 April 2010
According to income tax act these are called persons
1.Individual is individual male/female.
2.H U F Is Hindu Undivided Family
3.AOP association of people
4.BOI body of individuals
5.Firms
6.company registered under companies act are called company.
7.Local Authority
8.Artificial judicial person
In your case it depends upon in which type of entity you are.You come under any one of these eight persons under the income tax act.
1.Individual is individual male/female.
2.H U F Is Hindu Undivided Family
3.AOP association of people
4.BOI body of individuals
5.Firms
6.company registered under companies act are called company.
7.Local Authority
8.Artificial judicial person
In your case it depends upon in which type of entity you are.You come under any one of these eight persons under the income tax act.
19 April 2010
Rightly answered. HUF stands for Hindu Undevided family. If your business is belonging to your HUF and you are managing the same in the capacity of Karta/ aoythorised person, your concern will be a proprietory concern of HUF.
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