Tds
This query is : Resolved
09 December 2013
What is the reason for non applicability of TDS in case of salary to a partner in a partnership firm?
09 December 2013
Actually the firm has its legal existence for a limited purpose and you can say the limited purpose is the payment of taxes. Otherwise, the partners are the real owners of the firm. Salary to partners is treated as appropriation of profits between the owners. Due to the said reason Salary to a partner is taxed under the head IFBP and not under the head Salary.
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