I am an Accountant, I am working in Registered Society which deals in Financial Activities like Micro Financing and Strengthen the livelihood of financially backward class.
So my fellow colleagues are much experienced then me I am just 9days old in this Organization. They are saying we can deduct TDS for a Firm in an Individual PAN Number. Means can deduct 2% in Section 194(C) in the name of Firm-holders PAN number and file return in that PAN No.
Firm didn't provide us PAN no. of their ORG. that is another topic but we have a argument on "we can depot 2%, but we cannot file return 2% on that Individual PAN no." My Point.
They are saying can depot and file the return fully.
10 May 2017
Yes they are right as propreitorship firm have no PAN no. They always known by thier proprietor PAN no.As per income tax Proprietorship firm is not saparate.
but that's my point sir. can we file return in individual PAN card for a sole proprietor business but the TDS Rate is u/s 194(C) 2% which is Other then Individuals/HUF ???
10 May 2017
Yes, if u deduct tds at 2 %, than you have to deposit and file the return at same rate and amount, but next time , deduct tds as per law and file the return
10 May 2017
we filed 2% on individual and that individual file ITR got his return accurately so No issue arise till now. But i ask for the mistake to my colleagues. We deduct and deposit the same amount just deduct more then the rule and deposited it.
CAclubindia
