Webgenerate further capital. The entity is allowed to earn from all legitimate ways except by way of salary. It can engage in business, investing in real estate and market linked … WebAug 3, 2024 · Section 194H deals with TDS deduction on the payment of commission or brokerage. It mandates tax deduction by the person (other than individual/HUF) responsible for paying commission or brokerage to resident persons at the rate of 5% when the amount exceeds Rs.15000 in a year. [3.75% from 14th May 2024 to 31st March 2024, at a …
Q. CAN HUF EARN COMMISSION INCOME - Experts Panel
WebMay 21, 2024 · An income of up to Rs 2,50,000/- earned by the HUF is tax-free as per the tax slabs for the Assessment Year 2024-21. A HUF can be used to carry out any business separate from its individual members and thus, can be used to offset the tax liability which would arise in the case of a single joint business. WebFeb 2, 2024 · 3,60,500. In conclusion, they were able to save Rs. 2,21,450 (5,81,950 – 3,60,500) by forming a HUF and diverting some of the incomes. HUF transactions should … the mobile sims
Some Important Aspects of HUF Under Income Tax, 1961
WebJan 17, 2024 · Tough the HUF is an imperson entity, on behalf of the HUF, its Karta or any of its active member can take the decision or render the services for earning the commission. If the argument of the AO is to be accepted then any firm or company or any other entity other than an individual, which are also imperson entities like HUF, cannot … Webindividual, a HUF or a partnership firm (not Limited Liability Partnership Firm). ... A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44AD. Insurance agents earn income by way of ... A person can declare income at lower rate (i.e., at less than 6% or 8%), however ... WebFeb 11, 2024 · Scraping of Income-tax Settlement Commission on or after February 1, 2024, according to the introduced amendment u/s 245C ... However it is allowed for HUF, so can HUF act as a professional? With Budget 2024, ITR filing has been exempted with section 194P for senior citizens (75 or above age) having income through pension and … how to debug a c program with vs code