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This query is : Resolved
23 November 2012
Dear Sir,
I am a builder.I am running a proprietorship firm.....I am covered u/s 44AB individual and also a partner of a new firm... all the expenses on behalf of new firm which is gonna start a new project. Expenses are being paid by me from my personal fund till date... Do i need to deduct TDS as i am having TAN and the payment to various persons covered U/s 194C, 194H, 194J etc..??? What entry shall i pass for TDS recovered and paid by my on behalf of the firm?
I am a builder.I am running a proprietorship firm.....I am covered u/s 44AB individual and also a partner of a new firm... all the expenses on behalf of new firm which is gonna start a new project. Expenses are being paid by me from my personal fund till date... Do i need to deduct TDS as i am having TAN and the payment to various persons covered U/s 194C, 194H, 194J etc..??? What entry shall i pass for TDS recovered and paid by my on behalf of the firm?
24 November 2012
Tds will be deducted by the partnership firm only by using its on TAN. You cannot deduct the tax by using your TAN. The payment you have made on behalf of the firm shall be paid back to you by the firm.
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