Pls urgent
This query is : Resolved
10 July 2013
Hi,suppose one company is deducting TDS on contract @ 1%. To find whether the deductee is firm or company(becoz only for HUF & Ind. it is 1% & for others it is 2%) , i got the pan of deductee.
For Example . Service Bill of Deductee is in XXXX.
Deductee name is YYYYY.
The company deducted TDS in name of YYYY @ 1%(individual rate).
How can i track that XXXX is a sole proprietorship or firm ?
For Example . Service Bill of Deductee is in XXXX.
Deductee name is YYYYY.
The company deducted TDS in name of YYYY @ 1%(individual rate).
How can i track that XXXX is a sole proprietorship or firm ?
10 July 2013
u need to see the bills if its company u will coe to know accordingly u deduct tax else he is individual.
10 July 2013
As you said ...
You got the PAN of deductee
Just see 4th letter of PAN number
1)if it is "P" it is individual
2)if it is "H" it is HUF
So once refer as above..you can come to know which percentage is required to deductable
And let me tell you there are cases that bill will be in the name of partnership/company and they will provide PAN of individuals in some case..
How to ensure whether payee provider correct PAN or not..
Please fill Self assessment tax challan..
give some what values in pincode,state,and bank and give pan..ONCE YOU SUBMIT
Window shows name of PAN number submitted as per Incometax records..
So if payee provided incorrect PAN you can demand him to provide correct PAN if he failed to do so deduct TDS @ 20%
Example:
CETPK0125G
So here 4th letter is P so he is indivual
Thanks ®ards
Ganesh babu k
You got the PAN of deductee
Just see 4th letter of PAN number
1)if it is "P" it is individual
2)if it is "H" it is HUF
So once refer as above..you can come to know which percentage is required to deductable
And let me tell you there are cases that bill will be in the name of partnership/company and they will provide PAN of individuals in some case..
How to ensure whether payee provider correct PAN or not..
Please fill Self assessment tax challan..
give some what values in pincode,state,and bank and give pan..ONCE YOU SUBMIT
Window shows name of PAN number submitted as per Incometax records..
So if payee provided incorrect PAN you can demand him to provide correct PAN if he failed to do so deduct TDS @ 20%
Example:
CETPK0125G
So here 4th letter is P so he is indivual
Thanks ®ards
Ganesh babu k
11 July 2013
ok thanks.
11 July 2013
If the business is soleproperitorship will it have the pan no becoz bill is in the name of the business?
11 July 2013
In that case it will have the pan of owner only.
11 July 2013
PAN provided should be in the name of proprietor..
you can verify whether he has provided correct PAN or not with 280 challan as i said above
you can verify whether he has provided correct PAN or not with 280 challan as i said above
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