T.d.s
This query is : Resolved
26 June 2014
WHETHER T.D.S SHOULD BE DEDUCTED ON INCOME RECEIVED BY A PARTNER AS A INTEREST ON FIXED CAPITAL IF PARTNERSHIP FIRM IN A TAX AUDIT ?
26 June 2014
The partnership firm will not deduct tds from interest paid to partners as the governing section 194A specifically exempts it.
26 June 2014
intt paid to partners by firm on capital a/c . tds provisions not applicable on firm. a/c will audited or not there is no diff.
27 June 2014
No TDS deduction required on interest paid to partners capital (Vide Section 194A(3)(iv) of the Income Tax Act 1961)
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