HUF is simply ‘Hindu Undivided Family’. Though it has not been specifically definedin the income tax act, the act recognizes the HUF as a separate taxable entity (just like an individual, a company or a firm). … The senior most male member of the HUFis called ‘karta’
We have heard and used the term HUF in income tax; today let’s understand what exactly the HUF is. HUF is simply ‘Hindu Undivided Family’. Though it has not been specifically defined in the income tax act, the act recognizes the HUF as a separate taxable entity (just like an individual, a company or a firm). HUF can file an Income Tax Return. HUF can be formed by a group of individuals, who are descendants from a common male ancestor, of the same Hindu family.
The senior most male member of the HUF is called ‘karta’. The family of the karta is members of the HUF – his wife, his children, their wives and their children, including unmarried daughters are members of HUF. Male member of the HUF are called co-parceners and a co-parcener can demand partition of the HUF. Its important to know about co-parceners because the HUF can only be taxed as a separate entity if it consists of at least 2 co-parceners.
What is NGO Registration?
A Non-Governmental Organization, popularly known as NGO is a unit that operates independently without the aid of government with a particular aim towards the welfare of public, a social agenda, child education, care of environment, wildlife etc. These operate at different levels and with a wide range of agendas. AN NGO registration may be operational only at a village level and may even be spread across the country in various cities. Agendas may vary from health issues to the elimination of social evils. It is a non-profit organization hence, the profits are only utilized to go forward with the agendas and no dividends are distributed to any members.
The device of “society” was evolved to fulfill the need of an institution of non-commercial nature for promotion of numerous charitable activities like education, art, religion, culture, music and sport etc.
Associations, clubs or societies are formed to help further these causes because they work on non-profit basis.
The need for a legal entity, which could own, possess and manage the funds and assets for achievement of charitable or promotional objects, as laid down by donors, is the result of these endeavours. A society can be formed to achieve this end.
Societies under The Societies Registration Act, 1860
A society has been variously defined. It has been described as a company or association of persons (generally unincorporated) united together by mutual consent to deliberate, determine and act jointly for common purpose.