Tds
This query is : Resolved
15 January 2016
A Cooperative society has advanced a sponsorship amount of Rs. 700,000 to an LLP. The LLP received an amount of Rs. 6,30,000 which was the amount after deducting tds .The TDS amount is paid by the cooperative society in the last F.Y. Now due to the some reason the event did not take place and the LLP had to refund the amount of the sponsorship received. The LLP has refunded Rs. 6,30,000 .Shall it refund Rs. 70,000 for the TDS or shall 70,000 can be claimed by the deductor i.e cooperative society.
Is there any provision that the coperative society can claim the refund of the TDS amount.?
Is there any provision that the coperative society can claim the refund of the TDS amount.?
15 January 2016
Tax credit of Rs. 70000/- has been transferred by the Co-Op Society to the LLP and LLP only is eligible to claim the amount in its ITR.
.
Society is eligible to get refund of Rs 70000/- from the LLP .
.
An interesting case may be read at the following link-
https://www.kpmg.com/IN/en/services/Tax/FlashNews/KPMG_Flash_News_Lucent_Technologies.pdf
.
Society is eligible to get refund of Rs 70000/- from the LLP .
.
An interesting case may be read at the following link-
https://www.kpmg.com/IN/en/services/Tax/FlashNews/KPMG_Flash_News_Lucent_Technologies.pdf
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