Global Statistics

All countries
704,753,890
Confirmed
Updated on July 17, 2024 2:36 pm
All countries
560,567,666
Recovered
Updated on July 17, 2024 2:36 pm
All countries
7,010,681
Deaths
Updated on July 17, 2024 2:36 pm

Global Statistics

All countries
704,753,890
Confirmed
Updated on July 17, 2024 2:36 pm
All countries
560,567,666
Recovered
Updated on July 17, 2024 2:36 pm
All countries
7,010,681
Deaths
Updated on July 17, 2024 2:36 pm
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Over 8.75 lakh HUFs claimed Rs 3,803 crore tax deductions in 2022-23: Finance Ministry

During the fiscal year 2022-23, more than 8.75 lakh Hindu Undivided Families (HUFs) filed their income tax returns (ITRs) and availed deductions totaling Rs 3,802.86 crore, as stated by the Finance Ministry in response to a query in the Rajya Sabha. Minister of State for Finance, Pankaj Chaudhary, provided insights into the number of HUFs benefiting from tax deductions under Chapter VIA of the Income-tax Act over the past five years.

In reply to a question regarding the impact of the Uniform Civil Code on tax benefits for HUFs, the minister clarified that no assessment had been conducted because the code had not been implemented yet.

The ongoing debate revolves around the status of HUFs, particularly in the context of the proposed Uniform Civil Code, for which the Law Commission has sought public opinions. Under Hindu Law, an HUF comprises all descendants of a common ancestor, encompassing wives and unmarried daughters. This definition also extends to Jain and Sikh families.

The Income Tax Act recognizes HUFs as a ‘legal person,’ granting them eligibility for all tax deductions outlined in Chapter VI-A. HUFs are taxed at the same rate as individuals and can claim relevant deductions.

According to the minister’s data, in the fiscal year 2022-23, 8,75,948 HUFs claimed deductions amounting to Rs 3,802.86 crore. In the previous year, 8,77,303 HUFs availed deductions totaling Rs 3,745.51 crore. In the financial years 2020-21 and 2019-20, over 9.25 lakh and 9.02 lakh HUFs claimed deductions worth Rs 4,173 crore and Rs 4,161 crore, respectively. In 2018-19, more than 8.84 lakh HUFs claimed deductions totaling Rs 4,044 crore.

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