Returns and Forms Applicable for Hindu Undivided Family (HUF) for AY 2022-2023
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 | ||
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This return is applicable for Individual and Hindu Undivided Family (HUF)
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2. ITR-3 - Applicable for Individual and HUF | ||
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This return is applicable for Individual and Hindu Undivided Family (HUF)
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3. ITR-4 (SUGAM) - Applicable for Individual, HUF and Firm (other than LLP) | ||||||
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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:
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Forms Applicable
1. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary | ||||
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2. Form 26AS - Annual Information Statement | ||||
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3. Form 15G - Declaration by resident taxpayer (not being a Company or Firm) claiming certain receipts without deduction of tax | ||||
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4. Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit | ||||
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5. Form 3CB-3CD | ||||
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6. Form 3CEB | ||||
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Tax Slabs for AY 2022-2023
Individuals and HUFs can opt for the Existing 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.
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Surcharge, Marginal Relief and Health & Education Cess
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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 after01/04/1999 | 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 VIA 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 | ||||
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Deduction towards payments made to
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80D | ||||||||||||||||||
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Deduction towards payments made to Health Insurance Premium & Preventive Health check up
Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage
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80DD | |||||
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Deduction towards payments made towards Maintenance or Medical Treatment of a Disabled dependent or paid / Deposited any amount under relevant approved scheme |
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80DDB | ||||
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Deduction towards payments made towards Medical Treatment of Self or dependant for specified disease |
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80G | ||||||||
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Deduction towards donations made to prescribed Funds, Charitable Institutions, etc. Donation are eligible for deduction under the below categories
Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹ 2,000/- |
80GGA | |||||
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Deduction towards donations made for Scientific Research or Rural Development Donation are eligible for deduction under the below categories
Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹ 2,000/- |
80GGC | ||||
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Deduction towards donations made to Political Party or Electoral Trust |
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80TTA | ||||
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Deduction on interest received on saving bank accounts by Non-Senior Citizens |
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