Tax on partners income paid
This query is : Resolved
18 May 2016
dear sir,
for the Assessment year 15-16 i have paid tax on partners income, but while paying the tax i have mentioned firms PAN No instead of the partners pan hence the tax department hasnot recognised the challan and issued notice u/s 143(1).
Sir, can the correction be done stating that the tax paid belongs to Mr X and not the firm?
Sir, can the firm claim refund of the tax paid?
If the partner has to pay tax now as what the tax will be paid will it be self assessment tax or what head it should be.
sir, please reply early.
Thanking you in advance
for the Assessment year 15-16 i have paid tax on partners income, but while paying the tax i have mentioned firms PAN No instead of the partners pan hence the tax department hasnot recognised the challan and issued notice u/s 143(1).
Sir, can the correction be done stating that the tax paid belongs to Mr X and not the firm?
Sir, can the firm claim refund of the tax paid?
If the partner has to pay tax now as what the tax will be paid will it be self assessment tax or what head it should be.
sir, please reply early.
Thanking you in advance
Amol S Joglekar
(Expert)
18 May 2016
since tax department has issued notice under section 143(1), it is better you pay the same AND claim the refund in FIRM's case
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18 May 2016
thank u sir, sir will it be paid as regular tax or self assessment tax or under any other head?
CA SUNIL K GARG
(Expert)
18 May 2016
GO FOR RECTIFICATION U/S 154 OF INCOME TAX ACT, PLS understand that the act itself provides procedure for rectification . AS per ur querry, no tax was payable by firm , yet u mentioned PAN of firm , while paying tax for partner, . hence u can go for rectification by presenting ur case before AO.
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Amol S Joglekar
(Expert)
19 May 2016
you are most welcome.
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