Partnership firm
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2013
Dear Sir,
In case of a partnership firm engaged in civil construction where there were two partners. And one partner has been retire from the firm on 01/05/2012 and second one decided to take over the business in his proprietorship. Immediatly the remaining partner updated his individual PAN with contractee departments for further deductions but he forgot to inform to his bank where they have made fds. Therefore bank keep continue to deduct tds on interest on the PAN of the firm. However tds amount is very small about 2600/- only.
Now please advise me how to deal the matter. Whether I should file return of the firm seperately by showing only interest income
or
I should leave it as it is and file only proprietor's return.
In case of a partnership firm engaged in civil construction where there were two partners. And one partner has been retire from the firm on 01/05/2012 and second one decided to take over the business in his proprietorship. Immediatly the remaining partner updated his individual PAN with contractee departments for further deductions but he forgot to inform to his bank where they have made fds. Therefore bank keep continue to deduct tds on interest on the PAN of the firm. However tds amount is very small about 2600/- only.
Now please advise me how to deal the matter. Whether I should file return of the firm seperately by showing only interest income
or
I should leave it as it is and file only proprietor's return.
05 August 2013
It is totally incorrect to file the return of the so called firm for the simple reason that it is not in existence. Proper course is to approach the bank and get the PAN rectified in its TDS returns.
20 October 2013
UNTILL AND UNLESS PAN IS NOT SURRENDERED WITH DEPARTMENT, IT IS ADVISABLE TO FILE RETURN OF THE FIRM. ALSO IT HAS TO BE INFORMED TO THE BANK TO RECTIFY THEIR TDS RETURNS AND CHANGE THE PAN.
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