by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Filing of income tax return • HUF must file its Income Tax Return using ITR-2 or ITR-3 based on income type• TDS refund is claimed by declaring total income and TDS deducted• PAN of the HUF must match the PAN against which TDS was deducted• All income sources like...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Non-filing of income tax return • Penalty is imposed under Section 234F if HUF fails to file returns on time • A fine of up to ₹5,000 is levied if total income exceeds ₹5 lakhs • If income is below ₹5 lakhs, the penalty is restricted to ₹1,000 • Interest under Section...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Penalty and interest consequences • Failure to file income tax return attracts a late fee under Section 234F • Interest under Section 234A, 234B, and 234C may be levied for delay or non-payment • Late filing penalty can go up to ₹5,000 depending on total income •...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Applicability of tax audit • HUF is subject to tax audit under Section 44AB of the Income Tax Act • Audit is required if business turnover exceeds ₹1 crore in a financial year • For professional income, audit is mandatory if receipts exceed ₹50 lakhs • Audit limits...
by Audit Analyst | Nov 26, 2025 | Hindu Undivided Family
Separate tax identity • HUF is treated as a separate legal and taxable entity under Indian tax law • It files its own income tax return distinct from individual members • Members can enjoy tax benefits both in their name and under HUF • Tax slabs for HUF are the same...
