Is tds applicable on partners' remuneration

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2014 Hi,

If a firm pays the Remuneration to their partners say Rs 10 lakhs per annum per partner, is Tds applicable? if applicable under which section Tds is Deductable?

Please clarify me

Thank you

With regards
Amar

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 no it is not applicable.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 September 2014 According to Section 28(v) of the Income Tax Act,1961, salary paid to a working partner of a partnership firm is "business income" in the hands of the partner and, therefore, TDS provisions not attracted.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 September 2014 Additionally partners= part + ownner so in reality its their money and they paying to themself

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