Income tax liability
This query is : Resolved
16 July 2014
One of my client want a solution regarding income tax.
Situation:
A and B are husband wife
C co-owner
D: Company Who given business to B
A n B are doing business of Transportation of passengers. (Both are doing business Separately) (A and B's income over Tax limit)
Contract between B and D to provide service
B provide service to D
But B using Bus of A
C is a co-owner (A sold this Bus to C but due to loan Bus can not transferred to C. So they whatever income generated from this Bus Mr. A given to C)
Company(D) deducted TDS on Mrs B.
In this situation what to do?
Who is taxable?
Please reply.
Situation:
A and B are husband wife
C co-owner
D: Company Who given business to B
A n B are doing business of Transportation of passengers. (Both are doing business Separately) (A and B's income over Tax limit)
Contract between B and D to provide service
B provide service to D
But B using Bus of A
C is a co-owner (A sold this Bus to C but due to loan Bus can not transferred to C. So they whatever income generated from this Bus Mr. A given to C)
Company(D) deducted TDS on Mrs B.
In this situation what to do?
Who is taxable?
Please reply.
16 July 2014
The person who is in receipt of money will b taxable. Since income is generated in hands of A so it will b taxable on A.
A is liable to deduct TDS on interest on loan to C.
A is liable to deduct TDS on interest on loan to C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- STCG on ETF gold & silver
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Loan by Partnership Firm
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
