Its complicated!!
This query is : Resolved
03 April 2015
Dear experts
I have a query for which I require ur advice.
Suppose there are 2 similar nmd firms XYZ (located in delhi) and XYZ ( located in chennai).
tthey are carrying similar type of business. Both hve the same trade name. BUT the Pan card nme is diff. as one in delhi has pan card and tan card with name XYZ and other in chennai has the pan card in name of its proprieter. Both has been transacting with each other too where the Xyz ( delhi) hs been paying money aftr deduction if tds to Xyz (chennai).
nw xyz ( chennai) is under tax audit. Also as obvious, both the firms hv opened their bank acs in their respective cities which resulted in similar named bank acs.
my question-FROM pt of view of XYZ (CHENNAI)
WILL THE SIMILARITY IN NAMES POSE A PROBLM
WHILE TAX AUDIT?
Will it attract any sort of penalty whatsoever?? with respect to income tax??
will the similar nmed bank acs and the same name reflecting in 26as of proprieter of XYZ ( CHENNAI) POSE A PROBLEM ANYWAY??
REQUIRE UR ADVICE URGENTLY
WILL THE SIMILARITY
CA AnKiT BoHrA (AB)
(Expert)
03 April 2015
both owner are different na... and also both have separate pan no with different name
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- ETDS return q4 25-26
- Royalty payments to the Mining Department for procurement of murum - GST input
- Capital gains in IT returns
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
