what do you mean by HUF in income tax?and what is the tax rate for this in 2009-10?
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Answer / shipra
hul is hindu undivided family. in the field of income tax
huf gets relaxation of Rs.100000
Is This Answer Correct ? | 16 Yes | 12 No |
Answer / raja.s
HUF mean KARTHA OF our family. It's Only one head of authority.
Is This Answer Correct ? | 3 Yes | 1 No |
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the fifth year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% per annum at the end of the 5th year the securities were sold for Rs.62,200 and the old machinery was sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.Pass the journal entries and show the ledger accounts
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0 Answers Stella Maris Institute of Development Studies SMIDS,