Tax deducted in Firm and TDS certificate issued to Partner

My friend is a partner in a Share sub broking firm, since 2007 it was a proprietory concern. in 2008 the same was converted into Partnership firm with 3 more partners. The Brokerage received in the year 2008-09 in the name of Firm. whereas the TDS certificate issued in the name of Firm, but using the personal PAN of the original partner. Because the share broking terminal is alloted in the name of the first partner hence they using his PAN number for issuing TDS certificate.

This firm incurred loss of Rs. 1.50 Lacs. and the firm is also filing the IT return.  separately showing the entire brokerage income.

How to treate the TDS/Income  in Partner's personal Tax return? Who will claim the TDS?

Kindly advise.

Thanks 

Replies (1)
Originally posted by : Panneer

My friend is a partner in a Share sub broking firm, since 2007 it was a proprietory concern. in 2008 the same was converted into Partnership firm with 3 more partners.

- you had to submit new pan to company for update, which u ignored. 

The Brokerage received in the year 2008-09 in the name of Firm. whereas the TDS certificate issued in the name of Firm, but using the personal PAN of the original partner. Because the share broking terminal is alloted in the name of the first partner  hence they using his PAN number for issuing TDS certificate.

- if pan is updated then no such question arise. 

 


This firm incurred loss of Rs. 1.50 Lacs. and the firm is also filing the IT return.  separately showing the entire brokerage income.
How to treate the TDS/Income  in Partner's personal Tax return? Who will claim the TDS?

- TDS can be claimed by the partner, but it will invite in depth scurtiny of partnership firm return. 


Kindly advise.
Thanks 

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