09 July 2007
WHY PAN NO. IS NOT ISSUED TO PROPRIETOR OF A FIRM IN HIS FIRM NAME.SUPPOSE TDS CERTIFICATE IS ISSUED IN THE NAME OF HIS FIRM HOW CAN HE CLAIM TDS IN THE ERA OF ONLINE SYSTEM., KINDLY CLARIFY
09 July 2007
The business of propritorship firm is not a separate assessable unit. The proprietor and his firm are same person for income tax purpose. Hence PAN is not issued in the firm name.
Even if the TDS Certificate is issued in the name of the firm, the certificate will contain the PAN of the proprioter. The proprieter will get the credit for certificate issued in his name or in the name of the firm on the basis of PAN.
09 July 2007
As a sole owner of the Firm, Proprietor is the only person wholly responsible for the affair of the firm and not backed by any legal documents like Partnership deed in case of partnership Firm. To held responsible for any default, PAN is issued in the name of Prop. and assessed to Tax accordingly.
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