income tax

This query is : Resolved

manoj (Querist)
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15 July 2011 hi,
I have raised personnal debit note to one of my party.

party has deposited the TDS amount of our debit note n also filed TDS return. But till now he has not paid the principal amount of debit note.

1.it is necessary to file the return n pay remaining tax amount of debit note?
2.Incase if he doesn't pay.can we get tax refund?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 July 2011 yes. the debit note amount need to considered as business nature income and pay the difference tax, in case if he not paid written off the bad debts and claim p&l further years

manoj

manoj (Querist)
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15 July 2011 hi Ramesh

thanx for your reply,

after deducting & filing TDS by the party,
is there any time limit for him to pay the principal amount.
Has he have fully rights to reject debit note after filing TDS on that?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 July 2011 No such limit fixed by the act to pay the principal amount, this in between the parties

but my view, once he accepted the debit note and deduct the TDS and paid, he cannot reject further

taxindiaconnect

taxindiaconnect (Expert)
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15 July 2011 Agreed with Ramesh.

manoj

manoj (Querist)
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18 July 2011 hi ramesh,

can NRI start up Private Limited company in india?

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