Manoj Punjabi (Accountant) (273 Points)
26 August 2024TCS on car query:
Car purchased in name of partner, amount paid by Firm.
Car is shown as asset in books of firm to claim depreciation.
TCS collected by dealer is in name of partner as car was purchased in name of partner, 26AS of partner shows this TCS.
Query is:
How can partner claim this TCS in IT returns as there is no expense in books of partner against this TCS, because car is shown as asset in books of Firm.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5128 Points)
Replied 26 August 2024
jagdish chhugani
(engineer)
(1004 Points)
Replied 30 August 2024
CAR PURCHASED IN PARTNERS NAME , HE NEED TO CLAIM TCS
PARTNER NEED TO SHOW IN HIS PERSONAL IT RETURN HE RECEIVED MONEY FROM FIRM AS INCOME OR LOAN
INCOME HE CAN SHOW IN ITR WHERE HE NEED TO PAY TAX BUT NOT LOAN. IF HE FILLING ITR 3 SHOWING LOAN MAY BE POSSIBLE NOT SURE. UNDER P AND L
Car is shown as asset in books of firm to claim depreciation, THIS IS FIRMS INTERNAL MATTER , YOUR CA CAN HELP.
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