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Itr is to be filed in proprietor pan or prop. firm pan ? (Income Tax)

This query is : Resolved

( Author )
30 June 2012

Hello everyone,

Mr. X is proprietor of M/s.X & co. Mr. X two pan cards one of himself and other one of m/s. x & co.

in the p.y. 11-12 Tax has been deducted at source in the name of M/s. X & co. and firms Pan no.

Now Mr. X wants to get the TDS refund. How should his return of income will be filed whether in his personal PAN or proprietorship pan ?

waiting for your reply .

CA PARTH SHAH

( Expert )
01 July 2012

FIRST OF ALL THERE IS NO REQUIREMENT OF SEPERATE PAN FOR DOING THE PROPRIETORSHIP BUSINESS. IT IS ILLEGAL TO KEEP TWO PANS AND HENCE YOU NEED TO SURRENDER THE PAN OF X & CO AS RETURN OF PROPRITORSHIP FIRM IS TO BE FILLED ON PERSONAL PAN ONLY.

NOW IN ORDER TO GET REFUND OF TDS, YOU NEED TO ASK YOUR DEDUCTOR TO FILE REVISE RETURN OF TDS BY QUOTING YOUR PERSONAL PAN SO THAT YOU CAN GET TAX CREDIT.

HRIDAYNATH PATRA

( Expert )
02 July 2012

Mr. Abhishek, holding TWO PAN is ilegal. Pls ask Mr. X to surrender PAN in the name of X & Co.

The proprietor himself have to file return under his personal PAN. As TDS deducted under PAN of X & Co., Mr. X has to request the deductor to revise their TDS return for all the quarters where tax has been deducted and replace the PAN by the PAN of Mr. X. Otherwise he can not get credit of the TDS already deducted.

HRIDAYNATH PATRA

( Expert )
02 July 2012