Tds on income from proprietorship firm
This query is : Resolved
Jignesh Desai
(Querist)
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 .
Amol S Joglekar
(Expert)
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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