Filing of returns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2011
Hi
Can anybody pls help.
I have a Wine shop license issued by excise department which is in my name. i have leased this license to Mr x who runs the business in his own/rented shop under some other name. but as the license is in my name,on all purchases of stock the tcs gets deducted & gets deposited in my income tax, as my pan is registered with the license.
The agreement between us states that he has to pay all the taxes with respect to the business.
I intend to give him back the tcs deducted when i get the refund.
I would like to know,
Who has to file returns & pay IT, for the business, done by Mr X.Thanks for your help.
According to the excise laws of karnataka. i think i cannot lease the licence. it is an agreement between me & Mr X.
He is conducting the business & earning his retuns.
If I have to file the returns i will have to bear the taxes on his profit
I have been filing my returns based on the monthly amt received by Me.
Am I right Or will i have to file the returns for the business conducted by Mr X?
Can anybody pls help.
I have a Wine shop license issued by excise department which is in my name. i have leased this license to Mr x who runs the business in his own/rented shop under some other name. but as the license is in my name,on all purchases of stock the tcs gets deducted & gets deposited in my income tax, as my pan is registered with the license.
The agreement between us states that he has to pay all the taxes with respect to the business.
I intend to give him back the tcs deducted when i get the refund.
I would like to know,
Who has to file returns & pay IT, for the business, done by Mr X.Thanks for your help.
According to the excise laws of karnataka. i think i cannot lease the licence. it is an agreement between me & Mr X.
He is conducting the business & earning his retuns.
If I have to file the returns i will have to bear the taxes on his profit
I have been filing my returns based on the monthly amt received by Me.
Am I right Or will i have to file the returns for the business conducted by Mr X?
07 August 2011
First of all u have to examine whether licence can be utilized for the arrangements done by you as per the concerned state excise law.
If permitted, income tax returns can be filed in your own name as if u were running the business.
If permitted, income tax returns can be filed in your own name as if u were running the business.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2011
Hi
Thanks for your help.
Sir, just another clarification.
According to the excise laws of karnataka. i think i cannot lease the licence. it is an agreement between me & Mr X.
He is conducting the business & earning his retuns.
If I have to file the returns, it will go under audit.Morever i will have to bear the taxes on his frofit/loss.
Thanks for your help.
Sir, just another clarification.
According to the excise laws of karnataka. i think i cannot lease the licence. it is an agreement between me & Mr X.
He is conducting the business & earning his retuns.
If I have to file the returns, it will go under audit.Morever i will have to bear the taxes on his frofit/loss.
07 August 2011
No doubt u have to take the burden because Mr. X is doing in your own name.
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