26 December 2012
I have read this term in one of the income tax return filing software, where at the time of creating master of HUF assessee ,that whether this HUF is Specified or Unspecified.
26 December 2012
The distinction between ordinary and specified HUFs has been done away w.e.f. 1.4.1997 i.e. A.Y. 1997-98. For Assessment Year 2007-08 the rate of tax on all HUFs would be the same as in the case of an individual. This change in the rates of tax has brought a lot of relief to specified HUFs i.e. the HUFs with one or more members having taxable income.
CAclubindia
