TaxTMI 
TaxTMI 
A partnership firm is doing civil contracts. It undertakes works in the name of the partners also and hence the TDS certificate is in the name of the partner. The income is offered in firm's hand. How to claim the TDS? the TDS certificates are in the name of the partner and hence they do not find place in the 'Form 26AS'. Whether the same can be claimed in the partner's assessment even though there is no income from business other than the interest and salary from firm?
Claim of Tds deducted
B Tayub
Partnership Firm Faces TDS Credit Dilemma: Align TDS with Firm's Income Declaration as per Section 199 of Income Tax Act. A partnership firm engaged in civil contracts is facing an issue with TDS certificates issued in the name of individual partners, while the income is declared in the firm's account. The question is whether TDS can be claimed in the partner's assessment despite the income being offered by the firm. One response suggests partners claim the TDS individually, risking assessment under sections 143(3) or 147. Another response emphasizes that the partnership deed mandates income declaration by the firm, not individuals. The final response advises that the TDS credit should align with the firm's income declaration, referencing section 199 of the Income Tax Act. (AI Summary)