Can we adjust advance tax between individual and huf return

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Hi Sir,

Is there any way to adjust Advance Tax paid in Individual's Name against HUF's (of the same individual) tax liability?

Till now Only Individual's IT return was filed. Now from FY 2011-12 (AY2012-13), HUF has been created and we want to split the incomes between Individual and HUF and adjust Advance Taxes (3 instalments) between 2 returns. Can we split incomes like this? Can we adjust one instalment of Advance Tax towards HUF's return of income?

 

With Regards,

Adarsh

 

 

Replies (4)

Income cannot splitted like the way u r saying .. you have transfer the income generating assets to HUF 

Advance tax cannot be transfered to HUF

 

Agree with Expert, You can not adjust Advance tax between different Assessee..........

both are diff in incometax and have diff PAN number, so intera pan transfrer is not possible. 

Both are different assessee under Income tax Act 1961, So it is not possible to transfer advance tax 

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