TDS Section 194T for earning of partner
This query is : Resolved
29 January 2025
Sir.
I heard about new section 194 T tds to payment( remuneration, bonus etc)to partner.
In our friend case remuneration is fix at the end which check profit and loss finalised.
In this case 194 T is applicable.
Please advise.
Binu
I heard about new section 194 T tds to payment( remuneration, bonus etc)to partner.
In our friend case remuneration is fix at the end which check profit and loss finalised.
In this case 194 T is applicable.
Please advise.
Binu
29 January 2025
you can close your books on 31st March. since the TDS is due for deduction by 30th April, you have ample time to compute and deduct the appropriate amount of tax.
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30 January 2025
Thanks for your valuable information.
we make payment advance tax in each quarter , which is appox more than tds 10%.Let's me know which is one (TDS OR advance tax) more important in financial aspect (Interest payment )
we make payment advance tax in each quarter , which is appox more than tds 10%.Let's me know which is one (TDS OR advance tax) more important in financial aspect (Interest payment )
30 January 2025
have no correlation between the two. advance tax paid by the partner does not absolve the partnership firm from its liability to deduct TDS. The better approach is to deduct TDS and adjust advance tax liability accordingly.
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02 February 2025
sir,
Thank you for your update .
Thank you for your update .
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