We are (4 partners) running franchisee of a stock broking company. The income is coming in the name of a parnter who is a sub-broker and credited to firm's a/c .TDS is remitted in his name/PAN by the broking company.we have filed returns in the firm's name and claimed refund. But the IT department says the new software does not have the option to give refund in the firm's name as the tds was not remitted in the firm's name/PAN. As the partnership act permits this , why the software is made not in accordance with the act? What is the solution to this issue. pl advice. The refund amount will be around 2 lakhs
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Refund
Replies (3)
WHAT IS THE AMOUNT OF REFUND ?
u need to get a PAN in name of firm and use that PAN only for the TDS purpose,
TDS refund would be claimed only by the pan holder and not by any other body :)
As per CBDT direction "if the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee,credit for tax deducted at source shall be given to other person
under New Rule 37BA(2) the deductee files declaration with deductor that giving name,address, PAN of the person who has get the tax credit. The deductor will issue certificate inj the name of the person mentioned indeclaration filed by the deductee
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