TDS For Partnership Firm Pan

TDS / TCS 398 views 3 replies

Rajubhai Rathod

Salaried

46 Points Posted on 01 May 2021

Hi,

We have recently started IT service related partnership firm. We are working on Freelancing website as well and have corporate account there. We have marked that they are asking business PAN for compile income tax rules of Indian Government and they deducting TDS. My question is what will happen when they deposit tax to income tax? As I know we have to file individually ITR for partnership firm, How we can claim TDS?

Thanks!

Replies (3)

CA Raj Doshi

Practising CA

8954 Points Posted on 01 May 2021

The Tax is deposited against partnership PAN. and you get credit of the same by filing the IT return.

Sivaramaraju G

Learner

2398 Points Posted on 01 May 2021

If you started business as partnership firm you need to have PAN on firm's name. then your service receiver will deduct TDS on firm's name and he will deposit against firm's PAN. then you have to file tax return on the name of the firm and you can claim credit of what ever they deducted on the name of TDS. your individual ITR is different from partnership firm ITR. you can't claim of TDS if it is deducted on firm's name.

sukhwani keyur

588 Points Posted on 01 May 2021

Partnership firm is required to obtain separate PAN as firm is assessed separately under the Income Tax Act. The websites where you work will deduct TDS while making payment to you. Once the financial year ends you need to file ITR of firm and can claim refund of this TDS or you may set off it against your tax liability. Partners are required to file their ITR separately. For more information you may mail us at taxclinictc @ gmail.com