PAN no. of firms, etc

This query is : Resolved

Shekhar (Querist)
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19 April 2009 In case of non companies,the owner of the firm give his PAN no. for TDS deduction. But the Payment is made or booked in name of the firm, which doesn't match with the name in PAN. Is it ok and acceptable to TDS department, as in new TDS deposit process PAN will be verifed?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 April 2009 In case of proprietory concerns the proprietor should take a PAN. That PAN is to be given to the deductor and the concerned form 16 A invariably should contain the name of the proprietor and his PAN so as to get credit for the tds.
In case of partnership firm, the firm should take PAN in the name FIRM and that PAN is to be given to the deductor so as to get form 16A in firms name with firm's PAN.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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19 April 2009 For partnership firm(being separate entity from its partner, as per the income tax Act ), the firm should take PAN in the name form and that PAN is to be given to the deductor of TDS

Shekhar

Shekhar (Querist)
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21 April 2009 Suppose a payment is made/to be made in fav of "CAClub"(proprietory concerns), but proprietor provide his PAN no., as being a proprietory concerns PAN for "CAClub" is not available. In this case form 16A will be generated in name of "CAClub" as being a vendor/supplier in the book of the company.Now PAN No. and supplier name will not match, in such case how to resolve this problem.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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21 April 2009 form 16 A should contain the name of the proprietor

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