CA Babit Khurana (learning is my passion) (338 Points)
09 June 2012Dear friends
Q. I want to know how can we take credit of TDS in case of merger?
Suppose A & B are going to merge each other and company C will be incorporate and one of the party deduct tds of company B of Rs 200000. but after merging the same how can we take credit of the same in case of merged entity i.e. Company C. beause in case of merged entity pan no is diff.
Pl provide some ref. also...
thanxx in advance.
shankar
(CA, CS Final)
(243 Points)
Replied 09 June 2012
Dear Babit Khurana,
The thumb Rule for Credit of TDS is -
Credit of TDS can take only by those who claim the income. if the pan number is different then we can rectify the same.
Reference - sec. 199(1), Sec. 199(2) & (3)
Thanks & Regards
Shankar
CAclubindia
