hi.. would u plz tel me wherther a director IT refunds can be adjusted to the IT liab of the company. plz provide the section
vaibhav
(M.Com. CA )
(178 Points)
Replied 01 June 2010
hi
IT refunds cant be adjusted with IT liability in any circumstances.
vaibhav
CA Amit Kanani
(Practicing CA)
(338 Points)
Replied 02 June 2010
there is no Income tax authority called director it refund under Incometax act,1961.
It is AO who pass refund order he can adjust this
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 02 June 2010
Dear Kaya,
No way u can adjust IT refunds of director against co's tax liability. Actually no where in the law they even allow an assessee to adjust his old refund due against o/s tax liability, it is only AO on his own do the same in the interest of revenue.
But really a wonderful idea, govt shall atleast allow assessee to adjust his own refund against o/s tax liability.
Regards
Kanti Jain
Prasad R
(CA Final)
(2128 Points)
Replied 02 June 2010
There is no provision in Income tax which allows directors's refund to be adjusted wid the co's tax liability.
As both directors and company are different assesses as per the Income tax Act.
Regards
Prasad R
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8310 Points)
Replied 02 June 2010
NOT AT ALL ADJUSTABLE .
Poornima Srinivasan
(Junior trainee)
(330 Points)
Replied 02 June 2010
I agree with our frnds & members...
There is no such provision in IT...
V.D.KRISHNA PRASAD
(Private Employee)
(183 Points)
Replied 02 June 2010
I Agree with the above members
Sathyanarayana.B
(Senior Executive- Finance)
(45 Points)
Replied 02 June 2010
I think directors IT refund can be adjusted with company's IT liability in one situation. If company is in default of payament of IT liability, all directors are indiividually and collectively responsible for making default as good. In that case any refund due to any director can be adjusted with Company's IT liability.
Correct me if i am wrong.
thanks
CA,CS, ICWA Inter MANOJ KEDIA
(Working With Educomp)
(99 Points)
Replied 02 June 2010
Normally it is not possible to adjust refund of one assessee to another assessee's tax liablity
but depends on ITO if he will allow
in income tax & company law no such type of section is mentioned
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