tax deduction

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harmeet kaur (Querist)
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11 July 2011 sir my dad has strted a new finance buisness for which he has applied for tan card.sir can i knw wht is uses of tan card?and fr micro finance business tan no is needed?and which form shlould be used aft geting tan card for filing tax?

vijayakumar.sure

vijayakumar.sure (Expert)
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12 July 2011 The provisions of section 203A of the Income-tax Act require all persons who deduct or collect tax at source to apply for the allotment of a TAN. The section also makes it mandatory for TAN to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. Failure to apply for TAN or comply with any of the other provisions of the section attracts a penalty of Rs. 10,000/-.

For Companies other than companies claiming
exemption under section 11 -ITR-6, For firms, AOPs, BOIs and LLP(Limited Liability Partnership)-ITR-5, For Individaul/HUF Income from Proprietary Business/Profession -ITR-4 is to be used.

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harmeet kaur

harmeet kaur (Querist)
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12 July 2011 sir does it is ITR-5 is applicable to parntership firm ?and is ths filled thrice is month?

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