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Tax Query: How to close HUF account with the I-T Department - The Hindu BusinessLine


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My friend is having an HUF account. Till 2016 he had business income in HUF. He has two sons and a spouse. Both sons are not interested in continuing the business, hence he wants to close his HUF account with the bank as well as the income tax department. Request your advice on how to close HUF account with the income tax department.
Pravin Shah
Hindu Undivided Family (‘HUF’) is dissolved only on the partition of property between the members. It is important to note that as per the provisions of section 171(9) of the Income-tax Act, 1961 (‘the Act’), partial partition of HUF is not recognised. Under the provisions of Act, partition means ‘full partition’. ....

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What if banks goof up on TDS on fixed deposits - The Hindu BusinessLine


What if banks goof up on TDS on fixed deposits
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I had taken a senior citizen savings scheme for ₹15 lakh with a PSU bank in 2018-19. Due to a clerical error, the PAN was not entered in their system. Accordingly they deducted TDS at 20 per cent on interest and as my PAN was not mentioned, the deduction does not reflect in Form 26 AS. Now, I cannot claim credit for the TDS. What is the solution to this problem?
Murli Krishnamurthy
Since the amount of tax deducted at source (TDS) is not reflecting in your Form 26AS, you may request your banker to file or revise their withholding tax return for the relevant quarter to which the transaction pertains. Once the details of the correct PAN are provided in the revised TDS return by the banker, the amount of TDS deducted will reflect appropriately in your Form 26AS. ....

Yashpal Sahni , Murli Krishnamurthy , Bombay High Court , Central Board , Direct Taxes , யஷ்பால் சாஹ்னி , முர்லி கிருஷ்ணமூர்த்தி , குண்டு உயர் நீதிமன்றம் , மைய பலகை , நேரடி வரி ,