Joint venture a/c

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Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2013 i get a tender for construction as by giving joint venture agreement and now the payment relies by them is deposited in my (member of jv) own a/c and tds is also done on my pan no not on jv pan number.

help me how accounting transection for (income tax) purpose is to be done as the payment is not to be deposit in jv current a/c and work done in name of jv .

Rajnish Singh

Rajnish Singh (Expert)
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06 February 2013 Dear sir, you have to say with customer to revise their tds return for the related qtr.

this is only way.

Thanks
Rajnish

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Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2013 TDS return are revised but the payment is made in the individual bank a/c which is of j/v work ..

then ITO if says why the payment should not added or be treated as individual income..

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