Hindu Undivided Family (HUF) for AY 2023-2024

Returns and Forms Applicable for Hindu Undivided Family (HUF) for AY 2023-2024

Disclaimer: The content on this page is only to give an overview and general guidance and is not exhaustive. For complete details and guidelines please refer Income Tax Act, Rules and Notifications.

1. ITR-2 - Applicable for Individual and HUF

This return is applicable for Individual and Hindu Undivided Family (HUF)

Not having income under the head Profits and Gains of Business or Profession

Who is not eligible for filing ITR-1 (applicable only for individual)

2. ITR-3 - Applicable for Individual and HUF

This return is applicable for Individual and Hindu Undivided Family (HUF)

Having income under the head Profits and Gains of Business or Profession

Who is not eligible for filing ITR-1, ITR-2 or ITR-4

3. ITR-4 (SUGAM) - Applicable for Individual, HUF and Firm (other than LLP)

This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources:

Salary / Pension

One House Property

Other sources (Interest, Family Pension Dividend etc.)

Agricultural Income up to ₹ 5,000

Note:

ITR-4 cannot be used by a person who:

(a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case payment or deduction of tax has been deferred on ESOP
(g) who has any brought forward loss or loss to be carried forward under any head of income

Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business and Profession on presumptive basis u/s 44AD, 44ADA or 44AE.

Forms Applicable

1. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary

Provided by	Details provided in the form:
Deductor to Deductee	Form 16A is a Tax Deducted at Source (TDS) certificate that denotes the amount of TDS, Nature of Payments and the TDS deposited with the Income Tax Department on Income other than Salary

2. Form 26AS

Provided by	Details provided in the form
Income Tax Department (It is available on e-Filing Portal: Login > e-File> Income Tax return > View form 26AS)	Tax Deducted / Collected at Source

Note: Information (Advance tax/SAT, Details of refund, SFT Transaction, TDS u/s 194 IA,194 IB,194M,TDS defaults) which were available in 26AS now, will be available in AIS mentioned below

3. AIS- Annual Information Statement

Provided by	Details provided in the form
Income Tax Department (It can be access in services menu after logging on to Income Tax e-Filing portal)	Tax Deducted / Collected at Source SFT Information Payment of taxes Demand / Refund Other information (Like; Pending/Completed proceedings, GST information, Info received from foreign govt. etc

4. Form 15G - Declaration by resident taxpayer (not being a Company or Firm) claiming certain receipts without deduction of tax

Submitted by	Details provided in the form
A Resident Individual less than 60 years or HUF or any other Person (other than Company / Firm), to Bank, for not deducting TDS on interest income if the income is below basic exemption limit.	Estimated Income for the FY

5. Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit

Submitted by	Details provided in the form
Taxpayer, to be furnished on or before due date specified for furnishing the ITRs u/s 139(1).	Income from a country or specified territory outside India and Foreign Tax Credit claimed.

6. Form 3CB-3CD

Submitted by	Details provided in the form
Taxpayer who is required to get his Accounts audited by an Accountant u/s 44AB. To be furnished one month before the due date for furnishing the return of income under sub-section (1) of section 139.	Report of Audit of Accounts (Form 3CB) and Statement of Particulars (Form 3CD) required to be furnished u/s 44AB of the Income Tax Act, 1961

7. Form 3CEB

Submitted by

Details provided in the form

Taxpayer who enters into an international transaction or specified domestic transaction is required to obtain a report from a chartered accountant u/s 92E.

To be furnished one month before the due date for furnishing the return of income under sub-section (1) of section 139.

Report from a chartered accountant containing details of all International Transaction(s) and Specified Domestic Transaction(s).

Tax Slabs for AY 2023-2024

Individuals and HUFs can opt for the Old Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act)

The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain exemptions and deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.

Old Tax Regime		New Tax Regime
Income Tax Rate	Income Tax Slab	Income Tax Rate	Income Tax Slab
Up to ₹ 2,50,000	Nil	Up to ₹ 2,50,000	Nil
₹ 2,50,001 - ₹ 5,00,000	5% above ₹ 2,50,000	₹ 2,50,001 - ₹ 5,00,000	5% above ₹ 2,50,000
₹ 5,00,001 - ₹ 10,00,000	₹ 12,500 + 20% above ₹ 5,00,000	₹ 5,00,001 - ₹ 7,50,000	₹ 12,500 + 10% above ₹ 5,00,000
Above ₹ 10,00,000	₹ 1,12,500 + 30% above ₹ 10,00,000	₹ 7,50,001 - ₹ 10,00,000	₹ 37,500 + 15% above ₹ 7,50,000
		₹ 10,00,001 - ₹ 12,50,000	₹ 75,000 + 20% above ₹ 10,00,000
		₹ 12,50,001 - ₹ 15,00,000	₹ 1,25,000 + 25% above ₹ 12,50,000
		Above ₹ 15,00,000	₹ 1,87,500 + 30% above ₹ 15,00,000

Note: The rates of Surcharge and Health & Education cess are same under both the tax regimes

Surcharge, Marginal Relief and Health & Education Cess

What is Surcharge?

Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates

10% - Taxable Income above ₹ 50 lakh – Up to ₹ 1 crore
15% - Taxable Income above ₹ 1 crore - up to ₹ 2 crore
25% - Taxable Income above ₹ 2 crore - up to ₹ 5 crore
37% - Taxable Income above ₹ 5 crore
Maximum Surcharge on income by way of dividend or income under the provisions of Sections 111A, 112A and 115AD is 15%

What is Marginal Relief?

Marginal relief is a relief from Surcharge, provided in cases where the Surcharge payable exceeds the additional income that makes the person liable for Surcharge. The amount payable as Surcharge shall not exceed the amount of income earned exceeding ₹ 50 lakhs, ₹ 1 crore, ₹ 2 crore or ₹ 5 crores respectively

What is Health & Education cess?

Health & Education cess @ 4% shall also be paid on the amount of income tax plus Surcharge (if any)

Investments / Payments / Incomes on which a taxpayer can get tax benefit

Section 24 (b) – Deduction from income from house property on interest paid on housing loan and housing improvement loan. In case of self-occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2,00,000. However, this deduction is not available for person opting for New Tax Regime.

Interest on loan u/s 24(b) allowable is tabulated below:

Nature of Property	When loan was taken	Purpose of Loan	Allowable Interest (Maximum limit)
Self-occupied	On or after 01/04/1999	Construction or purchase of house property	₹ 2,00,000
	On or after 01/04/1999	For Repairs of house property	₹ 30,000
	Before 01/04/1999	Construction or purchase of House property	₹ 30,000
	Before 01/04/1999	For Repairs of house property	₹ 30,000
Let-Out	Any-time	Construction or purchase of house property	Interest without any limit

Tax deductions specified under Chapter VI-A of the Income Tax Act

These deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC.

80C

Deduction towards payments made to

Life Insurance Premium
Provident Fund
Subscription to certain equity shares
Tuition Fees
National Savings Certificate,
Housing Loan Principal
Other various items

Combined deduction limit of ₹ 1,50,000

80D

Deduction towards payments made to Health Insurance Premium & Preventive Health check up

For Self / Spouse or Dependent Children

Deduction limit is
₹ 25,000 (₹ 50,000 if any person is a Senior Citizen)
₹ 5,000 for preventive health check up, included in above limit

For Parents

Deduction limit is
₹ 25,000 (₹50,000 if any person is a Senior Citizen)
₹ 5,000 for preventive health check up, included in above limit

Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage

For Self / Spouse or Dependent Children

Deduction limit is ₹ 50,000

For Parents

Deduction limit is ₹ 50,000

80DD

Deduction towards payments made towards Maintenance or Medical Treatment of a Disabled dependent or paid / Deposited any amount under relevant approved scheme.

Flat deduction of
₹ 75,000
available for a person with Disability, irrespective of expense incurred.

The deduction is
₹ 1,25,000
if the person has Severe Disability (80% or more).

80DDB

Deduction towards payments made towards Medical Treatment of Self or dependant for specified disease.

Deduction limit of
₹ 40,000
(₹1,00,000 if Senior Citizen)

80G

Deduction towards donations made to prescribed Funds, Charitable Institutions, etc.

Donation are eligible for deduction under the below categories

Without any limit

100% deduction
50% deduction

Subject to qualifying limit

100% deduction
50% deduction

Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹ 2,000/-

80GGA

Deduction towards donations made for Scientific Research or Rural Development

Donation are eligible for deduction under the below categories:

Research Association or University, College or other Institution for

Scientific Research
Social Science or Statistical Research

Association or Institution for

Rural Development
Conservation of Natural Resources or for Afforestation

PSU or Local Authority or an Association or Institution approved by the National Committee for carrying out any eligible project

Funds notified by Central Government for

Afforestation
Rural Development

National Urban Poverty Eradication Fund as setup and notified by Central Government

Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹ 2,000/-

80GGC

Deduction towards donations made to Political Party or Electoral Trust

Deduction of total amount paid through any mode other than cash

80TTA

Deduction on interest received on saving bank accounts by Non-Senior Citizens

Deduction limit of
₹ 10,000