Sir, a contractor has a register partnership firm, but never bid tender in the name of firm,only takes subcontractor ,?

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Sir, A contractor has a register partnership firm, but never bid tender in the name of firm,only takes subcontract . So i want to know whether it is necessary to make IT file in the name of the firm,or only personal IT file is sufficient.
Replies (11)

Any TDS deducted? in whose name? pesonal or firm's?

Return should be filed only in the name of firm,also partners have to file return but it will be exempt according to It act

I understand that the contract is taken in personal name and work is done by the firm as a subcontractor. Then there has to be an arrangement between the individual and firm on revenue sharing. In that case, both returns has to be filed, for the individual and for the firm

as per sec 139(1) firm has to file irrespective of income and individual has to file only if Total income exceeds basic exemption limit

Sir,

     The contractor has only registed the PARTNERSHIP firm ,still the Pan card has not been arrived of the firm,no tender has been bid inthe name of firm,here we can assume there is no Income of the Firm,but the contractor used to take subcontract which is allotted in the name of other firm.

         So whether in this situation Firm IT can be made or Indiviuals file is sufficient.Please suggest?

How the payment is made? all cash or cheque? If cheque, in which account credited? Any agreement of sub-contract? In which name? If TDS deducted? With which PAN? please clarify.

As per above details, the firm is dormant, and need to be closed, if individual can handle the sub-contract.

Sir

Payment is made in cash deposited in bank account of the contractor account not in firms accounts,No such agreement is made,yes Tds has been deducted in contractors Individuals Pan.May be some bill payment has been received from department.

The whole process is not as per norms. Difficult to suggest any legal way out. 

Just think again and if the firm is not required to be used, better dissolve it for once and all.

Whatever TDS has been deducted in personal PAN, requires to be properly accounted and ITR be filled.

Open an proprietorship account and get payment cheques to be deposited in it.

Individual filling is sufficient.

Sir,

 

      I need one more solution , A contractor take work in his name,used his individual Pan card,used his own individuals account to to do the transaction.The same contractor now open a partnership firm ,and also current account in the name of the firm.

              Next what the contractor do instead of taking the payment of his bill in his own account , he used the firm current account in which he receive the bill payment, which work order in the name of the contractor not in the name of the Firm.

          I want to know how to deal this situation ,as the current account cannot be shown in the Individual IT file.And the firm is new no income generated by firm.The power of Attoney of current account is given to one of his partner.

If the buyer doesn’t have any idea of what kind of and what level of response the tender would attract, expression of interest would fulfill this requirement. In this, the authority gets to know the total number of interested parties, their experience type and the bidders get an opportunity to interact with the buyer without having to deposit money. 

https://www.tendersontime.com/publish-tender/


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