Refund issue
This query is : Resolved
30 January 2013
My client is a partner of a Firm having 6 partners. The firm is having Contract income. The income is coming in my name which is credited to the Firms current account .
The firm files return and shows the My TDS in the firm's account. The firm got a demand notice from IT department stating that the firm has to pay tax and the partner has to claim TDS refund. As per partnership act the amount received in the name of any partner on behalf of the firm can be treated as firm's income, why the IT department is not allowing to set-off the TDS. They are telling the new software doesn't allow to set-off. What is the solution for this issue??????
The firm files return and shows the My TDS in the firm's account. The firm got a demand notice from IT department stating that the firm has to pay tax and the partner has to claim TDS refund. As per partnership act the amount received in the name of any partner on behalf of the firm can be treated as firm's income, why the IT department is not allowing to set-off the TDS. They are telling the new software doesn't allow to set-off. What is the solution for this issue??????
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
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- Putting a heading on received mail
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Consolidated financials
- Regime change
- Goods sold but invoice not issued
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
