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Partner not ready to pay TDS after closing down of company
18-Jul-2023 (In Corporate Law)
Hello - I started a business with one of my relatives 2 years ago by putting 7 Lakh each and registered Pvt Limited company with 50% share of each and both being directors. Since business was going in loss soon I decided to shut it down but my partner/relative decided put his own 10 Lakhs using his loan from his relative. It was bad decision. He lost all money in 1 year. Now company is defunct and we are closing down. TDS unpaid around 4 lakhs and my partner is not cooperating to pay anything. Around 2 lakhs is his own TDS. What are my options? I don't want to pay all by myself. Sal
You may intimate about the situation to the income tax department of India stating the TDS compliance situation in detail. They may either take an action on their own or will ask to take action on behalf of them. If you don't flag this situation to the income tax department then the department will come behind you both and in that situation you may find yourself in a situation where you have to pay the total sum from your pocket.
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Adv. Pulkit Prakash
Delhi | 400+ Answers
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The best way to send him a legal notice and then we may take recourse as provided under Income Tax Act, 1961. There are couple of options that we may have to recover his due after duly understanding the matter.
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Adv. Saurabh Kumar
Delhi | 25+ Answers
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The liability in this case is joint .you do not have to bear the cost alone. Since you were both directors and it is a registered Pvt LTd company the onus of all the financial trascations is on the directors . if you wish to further discuss your matter you can do so via the portal
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Adv. Shruti Agrawal
Delhi | 25+ Answers
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