Pan for huf
This query is : Resolved
25 October 2013
My query as below:
I have a PAN No under Individual and transaction of my business firm A covered under this PAN.
Now I have open partnership firm B. and I am a karta. Other partner is my wife and two sons.
I have already get Pan No in B firm, for Vat registration in Maharashtra our CA firm want a HUF Pan No.
My query is if I have taken HUF PAN No the all business transaction covered under Individual will be continue or utilized HUF PAN NO.
Thanks & regards,
L.D.Dharmadhikari
My query as below:
I have a PAN No under Individual and transaction of my business firm A covered under this PAN.
Now I have open partnership firm B. and I am a karta. Other partner is my wife and two sons.
I have already get Pan No in B firm, for Vat registration in Maharashtra our CA firm want a HUF Pan No.
My query is if I have taken HUF PAN No the all business transaction covered under Individual will be continue or utilized HUF PAN NO.
Thanks & regards,
L.D.Dharmadhikari
25 October 2013
PAN for HUF or a PAN Card for a Hindu Undivided Family is an important document.
An HUF is tax entity which attracts tax benefits under the Income Tax Act and can own assets by itself.
It is used by members if the HUF to reduce tax liability.
An HUF requires a PAN Card mainly for opening an HUF account with a bank and while applying for tax benefits under the Act.
When an HUF is a separate entity having a PAN of its own, the income from any ancestral property is treated as its income. Hence the members would be subject to lower tax slabs and in this way the family obtains the benefit of possessing an extra PAN card.
An HUF has to file such documents as are filed by the Karta in his capacity as an individual.
For online PAN application the HUF, like any other “person” under the IT Act, has to fill Form 49A.
An HUF is tax entity which attracts tax benefits under the Income Tax Act and can own assets by itself.
It is used by members if the HUF to reduce tax liability.
An HUF requires a PAN Card mainly for opening an HUF account with a bank and while applying for tax benefits under the Act.
When an HUF is a separate entity having a PAN of its own, the income from any ancestral property is treated as its income. Hence the members would be subject to lower tax slabs and in this way the family obtains the benefit of possessing an extra PAN card.
An HUF has to file such documents as are filed by the Karta in his capacity as an individual.
For online PAN application the HUF, like any other “person” under the IT Act, has to fill Form 49A.
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