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?
No....
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.
| 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? |
" |
you can adjust only the interest amout between refund claimed and refund received.
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.
Interest is taxable in your hands.
Thank you. Sir..
CAclubindia
