TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2011 Whether company can pay Income tax on behalf of Director for FY 2010-2011 in following ways

1) Make payment on Companies TAN , file return for the same and debit to Director's personal account

2) Make payment on director's TAN and issue cheque from company and debit to personal account- no need to file TDs return

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 June 2011 Don't know, what you are trying to say. How can a payment be made to a TAN account ?

A TAN account only represents a tax deductor identification.

Please clarify, what exactly you are trying to ask ?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 June 2011 Suppose, a director is having 'x' amount as salary & he is also having some 'y' amount as other income. Now if he wishes, that TDS on his salary be deducted in excess (keeping the figure 'y'), that's possible. In this way..his form 16 will show as excess TDS, which will eventually be utilized as his tax on the other income ('y').

If the above is your point then , I hope, its clear to you.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 June 2011 Your director on his personal capacity in the company can not have a TAN.

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2011 We already deducted TDS for other income as he declared, from salary and made the payment , while final calculation of income tax for the FY 2010-11 there is an amount of Rs.1200/- to be paid by Director. Whether this amount company can make the payment on behalf of director for the FY 10-11

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 June 2011 Company can pay....but it will be treated as loan to the director by the company.