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.
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