Tds mismatch
This query is : Resolved
08 August 2016
A Proprietorship firm (Manufacturer of Modular Office Furniture) started business in the year 2008 & in the year 2013 converted into a Private Limited Co.
Mainly the firm or subsequently the Private Ltd. Co. is getting clients by participating into various tenders & the jobs are running on continuous basis like continuous contract & the proceeds are realized over the several years from the clients.
Now AY 2015-16 they booked sales of Rs. 6.5 crors & also claimed the TDS credit based on their billings. But the TDS deductors or clients whose contract they were carried out since before the conversion to the Pvt. Ltd. Co, they deducted such amount by using the PROPRIETORS PAN card & not on the basis of Pvt. Ltd. Cos PAN Card for that AY. Therefore, Form 26AS of both Proprietor & Cos showing sales value (say) Rs. 3.25 Cr each separately & TDS credit is also showing just half of the total amount in each PAN.
Co has submitted the ITR for the concerned AY & subsequently intimation U/S 143(1) has come demanding half of the TDS amount unmatched & also by adding additional Interest amount.
Again, as the proprietorship firm on that particular period after the conversion was not in existence, thus the proprietor has not submitted his ITR for AY 2015-16 as on date.
So, Pls. guide what to do in this situation – is there any provision for shifting of such TDS amount from Proprietorships PAN to Cos PAN or any other way exist.
Pls. explain.
Mainly the firm or subsequently the Private Ltd. Co. is getting clients by participating into various tenders & the jobs are running on continuous basis like continuous contract & the proceeds are realized over the several years from the clients.
Now AY 2015-16 they booked sales of Rs. 6.5 crors & also claimed the TDS credit based on their billings. But the TDS deductors or clients whose contract they were carried out since before the conversion to the Pvt. Ltd. Co, they deducted such amount by using the PROPRIETORS PAN card & not on the basis of Pvt. Ltd. Cos PAN Card for that AY. Therefore, Form 26AS of both Proprietor & Cos showing sales value (say) Rs. 3.25 Cr each separately & TDS credit is also showing just half of the total amount in each PAN.
Co has submitted the ITR for the concerned AY & subsequently intimation U/S 143(1) has come demanding half of the TDS amount unmatched & also by adding additional Interest amount.
Again, as the proprietorship firm on that particular period after the conversion was not in existence, thus the proprietor has not submitted his ITR for AY 2015-16 as on date.
So, Pls. guide what to do in this situation – is there any provision for shifting of such TDS amount from Proprietorships PAN to Cos PAN or any other way exist.
Pls. explain.
08 August 2016
Yes, ask the deductors to correct the PAN in their TDS return, it can be done online. Once they make correction TDS will be shifted to company PAN. Then file rectification u/s 154.
08 August 2016
But deductors connot do so - as they alloted such contract to a specific PAN they cannot do it - is there any other solutions - pls
08 August 2016
No other solution. If you show conversion details they will do it.
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