Interest paid on partner's Account is not liable for TDS in view of the specific exemption under Section 194A(3)(iv) of the Income Tax Act.
Remuneration to partners of firms and directors of companies are 'Salary' and therefore liable for TDS under Section 192.
Regarding 'Audit fees' paid the auditor, the same is professional payment liable for TDS under Sevtion 194J at 10% + Surcharge as applicable + Educational cess.
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Author : Anonymous
( Author ) 04 April 2011
Sir as per my point of view you are wrong...read below line.
The salary or remuneration to a partner by a partnership firm is not charged under the head INCOME FROM SALARY , but treated as “business income” in the hands of partner's. Therefore, there is no question of TDS on salary or remuneration paid by the firm to the partner's of a firm .