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Tds refund to properitory concern

Deepti (Service) (75 Points)

04 April 2013

Dear All,

I have to make TDS refund to properitory concern.Kindly let me know whether cheque should be in favour of properitor or properitoryship?

Please provide the case if any.

Thanks in advance.

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2 Replies

CA Naresh Pareek (Practicing Chartered Accountant) (170 Points)
Replied 05 April 2013

TDS is deposited on the basis of PAN. In case of proprietorship business, PAN of proprietor is used for depositing TDS. Therefore, Bank A/c number of Proprietor should be quoted

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Sunil (Trader) (2611 Points)
Replied 05 April 2013

Whether the payment is made from proprietorship or from individuals savings bank account, inome tax is not a business item as far as the individual as a proprietor is concened and department receives the money as if paid by the individual and not by the proprietorship concern as in the eyes of department they are the same person. therefore, any refund ought to be made to the individual PAN holder.