Return file on new pan no.

Hi,

Pl. resolve query with my client ?

My client is a pvt ltd. company registered since 1991.

In  2012 applied for name change to ROC and after change the name of company in Jan -12 they appled for new PAN card instead of correction in Old PAN.

And  they also has filed their IT return for FY 2011-12 on new PAN which has been alloted in Jan -12 as New Company name.

The ITR has filed for loss for FY 2011-12  and also thecompany has carryforward loss with OLD PAN and on which return has filed timely.

 

My Q:

1. Can a company have two PAN ? if not what is conscuence ?

2. Weather  can we get carryforward the loss for FY 2011-12 , if yes how?

 3. Is there any impact of losses carryforward relating to preceeding yeras before FY 2011-12.

 

Replies (1)

Assessee shud file an application for surrender his duplicate PAN. Thereafter you can file an application to jurisdictional AO in this regard. If AO thinks that you have good reason for your ITR, he can allow you to carry forward business loss. in new PAN or in old PAN (after surrendering New PAN).

I have also faced the same problem with one of my client. TDS was deducted in different PAN & ITR was filed in different PAN. I have surrendered one of his PAN & claimed all his TDS in other PAN.

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