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Pavel (Querist)
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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