Tds on income from proprietorship firm
This query is : Resolved
08 June 2012
Say a person , Mr.X , is owning a Proprietorship Firm called ABC Firm . ABC firm is owning a Commercial Property which has been Rented out . Rent received is Rs. 4,20,000 p.a. Also , ABC Firm has given a Loan of Rs. 12,00,000 to a certain Entity & interest received is Rs. 1,20,000 p.a. Mr. X is showing the Rent received plus the Interest received under "Business Income" in his Return .(Obviously , he is not filing a seperate Return of ABC Firm).
Both - The Entity to which the Property has been rented as well as the Entity which has taken the Loan from ABC Firm deduct TDS from the Rent & Interest respectively & pay the balance amount to Mr. X . HOWEVER , THIS TDS (FROM BOTH SOURCES) IS CREDITED TO THE PAN NO. OF "ABC FIRM" .
Will Mr. X be able to deduct both these TDS amounts from the Tax payable by him in his own Return or not ?
If not , what should he do so that he can have the TDS amounts deducted & only have to pay the Balance as Tax .
Both - The Entity to which the Property has been rented as well as the Entity which has taken the Loan from ABC Firm deduct TDS from the Rent & Interest respectively & pay the balance amount to Mr. X . HOWEVER , THIS TDS (FROM BOTH SOURCES) IS CREDITED TO THE PAN NO. OF "ABC FIRM" .
Will Mr. X be able to deduct both these TDS amounts from the Tax payable by him in his own Return or not ?
If not , what should he do so that he can have the TDS amounts deducted & only have to pay the Balance as Tax .
08 June 2012
Basically PAN of ABC firm is not required. PAN of individual and that of ABC firm should be one and same. Cancell the PAN of ABC firm
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