Mohan (Accounts Mgr) (209 Points)
09 November 2009Ours is a Partnership Firm consisting of two partners viz 1st partner is a pvt ltd co., and 2nd partner is a partnership firm. We got Income Tax Refund Order from Assessing Officer.
My querry is Can any one of the Partners of the firm is entitled to adjust the I.T. Refund against its tax liability with the consent of the other partner?
Sunil
(Trader)
(2611 Points)
Replied 09 November 2009
You have to deposit the refund cheque in the Bank specified by you in the returns. This will be mentioned on the instrument. They may credit by ECS to this account if you have given MICR Code.
PRANAB KUMAR MANNA
(ACCOUNTANT)
(22 Points)
Replied 10 November 2009
| Originally posted by :mohan | ||
| " | Ours is a Partnership Firm consisting of two partners viz 1st partner is a pvt ltd co., and 2nd partner is a partnership firm. We got Income Tax Refund Order from Assessing Officer. My querry is Can any one of the Partners of the firm is entitled to adjust the I.T. Refund against its tax liability with the consent of the other partner? |
" |
CA BARKHA MITTAL
(B.COM, CA)
(149 Points)
Replied 10 November 2009
you can adjust only the interest amout between refund claimed and refund received.
GIRISH MUKUND ANJANKAR
(Student CA Final )
(22 Points)
Replied 05 December 2013
Please tell me. NSC maturity amount with interest transfer from father to son after the death of father. whether the interest and principle amount is taxable in the hands of son.
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 07 December 2013
Interest is taxable in your hands.
CAclubindia
