LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Tds credit

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.) (1823 Points)

17 July 2018

Friends,

We have TDS receivable in firms account from Stock Broker but he credited TDS on individual's account bcz demat account was opened on the name of individula and not firm. Now how could i claim tds on firms ITR. Individual dont want to claim andhis return already submitted.

Pls reply.

Thank you

Reply
Follow
Share

7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 17 July 2018

Presently Demate account is in the name of Firm or Individual?

Is it Partnership firm?

Brahma nanda Agrawal (KOLKATA) (331 Points)
Replied 17 July 2018

Firm means you are talking about partnership firm or own business firm

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.) (1823 Points)
Replied 17 July 2018

Sir,

I am talking about partnership firm

nikhil bhudolia (CA FINAL) (109 Points)
Replied 17 July 2018

dear brahma and deeraja sir does it make diffrence if his firm is partnernship or business. ..please clarify my query
thanking u

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 17 July 2018

If TDS deducted on PAN based...

As per my view no way for claim the TDS from individual pan to Firm's pan...

Brahma nanda Agrawal (KOLKATA) (331 Points)
Replied 18 July 2018

You have to revise the return of individual, Claim TDS and Respective income in the hands of individual. There is no way to transfer this income to partnership firm.

Open demat account in the name of firm and transact to claim deduction in the name of firm.

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.) (1823 Points)
Replied 18 July 2018

Firm has nature of business as trading in shares but demat account is opened on the name of working partner on behalf of Firm bcz there is no provision to open demat account on firm's name. Hence we are facing the problem of TDS. Now we have booked Income of Firm in its computation but TDS credited to Partners account base on PAN. Now how to get credit in Firm ?