Shares held by the partners but assigned to firm - who is eligible to avail the credit of TDS deducted on shares

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..... Shares held by the partners but assigned to firm - who is eligible to avail the credit of TDS deducted on shares - Commentaries / Editorials Dated:- 27-4-2008 - News - Relevant Provisions: Section .....

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..... 199 of the Income Tax Act, 1961 - Credit for tax deducted. Facts of the Case: The assessee held several equity shares of limited companies from which dividend income was received. Officer .....

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..... declined to give credit of TDS from dividend income to the assessee on the ground that the shares belonged to the firm and accordingly held that that the firm is entitled to the credit of the TDS amou .....

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..... nt. Issue: To whom the credit of TDS is to be given Held: Honorable HC found that despite the shares belong to the firm but dividend is taxable in the hands of assessee (partner) and there .....

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..... fore, the partner is eligible to avail the credit of TDS, not the firm. (Full text of judgment - visit 2008 -TMI - 3708 - BOMBAY HIGH COURT ) - News - Press release - PIB Tax Management India - .....

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..... taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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