Sir, a govt college having pan in the college name and also has saving account in college name with nil income where compliance arises,what to do?

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Sir, A govt college having Pan Number in college name and also having saving account in college name, the accountant of college deducted TDS amount every month from employee and deposited in that amount from where later on submitted TDS on Bank challan which total amounting near Rs10 lacFor FY 2014-2015,now Compliance has come from Income Tax department.Though college no personal income as it is govt college now what to do.
Replies (19)

Whether TDS return were filed? whether ITR were filed for the corresponding year?

Yes sir TDS was file for the corresponding year.

Income Tax return?

And Sir ITR for what purpose as its is govt college,though   Pan in the name of College no personal Income .So no ITR has been file ,as money deposited in that account only to paid TDS of employee no other reason.

If that be true, what complience are required to be fulfilled as per the enquiry from the department !!!!!

Sir,

   Not get what you have said.

So file return and mention any income, whatever it be, as exempted!

But sir how it is a college a govt  institution ,not and individual ,more over depositing employees money in that account is mistake.And college do not have any income and its matter of Rs 10lack where from the Income will be generated.

There are some rules that are to be followed by each institute pvt. or Governmental. Audit is one of that. What is audit report for the said 10 lakhs?

Ok , i was not aware of that .Sir, please tells the rules which has to be followed to come out of this situation.

Sir, College has audit report but this account has not been shown over there as the account has open in the name of principal of college.

Matter is bit confusing, how can a principal or an individual pass on his responsibility over college administration?

Let the matter be solved from individual end and seggregate college from the picture.

Even if the amount is receipts of the college, let him explained in that manner.

Yes Sir, you r right.Too confusing.

Actually this account has been open due courses for the reason ,the accountant can collect the Tds amount from all employee and deposited on that account,and from that account through net banking he used to pay TDS.


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