Ashim kr Ray (social service) (1691 Points)
14 November 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166220 Points)
Replied 14 November 2016
Any TDS deducted? in whose name? pesonal or firm's?
Vatsal
(Student)
(453 Points)
Replied 14 November 2016
Ashok Kumar
(CA qualified)
(389 Points)
Replied 14 November 2016
I understand that the contract is taken in personal name and work is done by the firm as a subcontractor. Then there has to be an arrangement between the individual and firm on revenue sharing. In that case, both returns has to be filed, for the individual and for the firm
e.mohan goud
(Paid Asistant)
(141 Points)
Replied 14 November 2016
Ashim kr Ray
(social service)
(1691 Points)
Replied 15 November 2016
Sir,
The contractor has only registed the PARTNERSHIP firm ,still the Pan card has not been arrived of the firm,no tender has been bid inthe name of firm,here we can assume there is no Income of the Firm,but the contractor used to take subcontract which is allotted in the name of other firm.
So whether in this situation Firm IT can be made or Indiviuals file is sufficient.Please suggest?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166220 Points)
Replied 15 November 2016
How the payment is made? all cash or cheque? If cheque, in which account credited? Any agreement of sub-contract? In which name? If TDS deducted? With which PAN? please clarify.
As per above details, the firm is dormant, and need to be closed, if individual can handle the sub-contract.
Ashim kr Ray
(social service)
(1691 Points)
Replied 15 November 2016
Sir
Payment is made in cash deposited in bank account of the contractor account not in firms accounts,No such agreement is made,yes Tds has been deducted in contractors Individuals Pan.May be some bill payment has been received from department.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166220 Points)
Replied 15 November 2016
The whole process is not as per norms. Difficult to suggest any legal way out.
Just think again and if the firm is not required to be used, better dissolve it for once and all.
Whatever TDS has been deducted in personal PAN, requires to be properly accounted and ITR be filled.
Open an proprietorship account and get payment cheques to be deposited in it.
e.mohan goud
(Paid Asistant)
(141 Points)
Replied 15 November 2016
Ashim kr Ray
(social service)
(1691 Points)
Replied 17 November 2016
Sir,
I need one more solution , A contractor take work in his name,used his individual Pan card,used his own individuals account to to do the transaction.The same contractor now open a partnership firm ,and also current account in the name of the firm.
Next what the contractor do instead of taking the payment of his bill in his own account , he used the firm current account in which he receive the bill payment, which work order in the name of the contractor not in the name of the Firm.
I want to know how to deal this situation ,as the current account cannot be shown in the Individual IT file.And the firm is new no income generated by firm.The power of Attoney of current account is given to one of his partner.
Sanjay Vyas
(Co-founder)
(92 Points)
Replied 21 May 2018
If the buyer doesn’t have any idea of what kind of and what level of response the tender would attract, expression of interest would fulfill this requirement. In this, the authority gets to know the total number of interested parties, their experience type and the bidders get an opportunity to interact with the buyer without having to deposit money.
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