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
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
16 September 2014
no it is not applicable.
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.
17 September 2014
Additionally partners= part + ownner so in reality its their money and they paying to themself
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