Requirement to close HUF that has never been assessed to tax
This query is : Resolved
18 February 2025
HUF PAN card was obtained few years ago, but HUF did not have taxable income above the threshold limit. So it never filed tax return and not assessed to tax. Karta now wants to dissolve the HUF by distributing whatever little assets - MF investment and bank balance- it has amongst the co parceners. Please advise the procedure to be followed from tax law point of view as sec 171 does not apply. What are requitements under Income tax act to be complied with under such situation?
18 February 2025
Surrender PAN card no need for any other compliance under income tax.
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