CA Mayur Sojrani (CA) (318 Points)
06 January 2011HEY GUYS PLEASE SUGGEST AND PROVIDE THE NECESSARY CLARIFICATION AND RELEVANT CASE LAW IF ANY SIMILAR TO THE UNDER CASE.
MR. A a proprietor having business in delling in Shares and derevatives. He has made an agreement with Mr. B who is a share broker to share 50% of profit made by MR. A.
Now Is TDS should be deducted by Mr. A on profit share of Mr. B.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 06 January 2011
payment to be made on grounds of
1) partnership deed ............then joint income taxable in hands of new partnership identity, and balance is non taxable to both A&B
2) on invoice from B ....... TDS strongly applicable as its charges , not profit sharing .............
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