tax deduction

Save Share

This query is : Resolved

harmeet kaur (Querist)

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)

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.

Message likes : 1 times

harmeet kaur

harmeet kaur (Querist)

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now