TDS On Purchase of Property by Firm

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PROPRIETOR
564 Points Posted on 02 May 2025

Hi,

One of client who is Partnership Firm & purchased Godown having agreement value above 50L.

While registering purchase agreement, both partners names are there but PAN is of Firm.

TDS is paid accordingly i.e. Total TDS amount has been paid by Firm.

Now, message has come from ITD stating "Regular Statement for Acknowledgment Number XYZ filed by you through E-filing has been processed by ITD u/s. 200A and no defaults have been identified for this statement."

As I am downloading TDS Certificate for Firm first time, can someone guide me about whose PAN will be registered on Traces ?

Pl guide.

Thanks in advance.

 

 

 

 

 

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On 02 May 2025 at 17:13 Report
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Quick Summary
This discussion clarifies the process of Tax Deducted at Source (TDS) when a partnership firm purchases a property valued over £500,000. The key point is that the TDS certificate, when downloaded from TRACES, will reflect the partnership firm's PAN, not the individual partners' PANs, even if the partners' names appear on the purchase agreement. The firm's PAN is used for TDS payment and registration on TRACES.

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Master in Accounts & high court Advocate
9620 Points Posted on 02 May 2025

When a partnership firm purchases a property and pays TDS, the PAN registered on TRACES for the TDS certificate would typically be the PAN of the deductor, which in this case is the partnership firm.

PAN Registration on TRACES - Since the TDS payment was made by the firm and the PAN used for payment is the firm's PAN, the TDS certificate should reflect the firm's PAN. -

 The partners' names mentioned in the purchase agreement do not affect the PAN registration on TRACES for the TDS certificate.

Downloading TDS Certificate When downloading the TDS certificate for the first time, ensure that: - The firm's PAN is correctly registered on TRACES. -

The TDS certificate reflects the correct details, including the firm's name, PAN, and TDS amount paid. Additional Considerations - Verify that the TDS certificate is in Form 16B, which is the certificate for TDS on property purchases. -

 Ensure that the certificate is correctly downloaded and reflects the firm's details to avoid any discrepancies [2]. By confirming the PAN registration and TDS certificate details, you should be able to download the certificate without any issues.

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On 02 May 2025 at 21:46
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PROPRIETOR
564 Points Posted on 03 May 2025

Hi,

Done Sir.

Tx for help.

T & R

 

 

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On 03 May 2025 at 18:36

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