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TDS

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(Querist)
19 April 2009 DEAR ALL

IF PARTNERSHIP FIRM MAKE PAYMENT OF ANY AMOUNT SAY RS. 500000/- TO PARTNERS BY WAY OF SALARY,REMUNERATION ETC. SHOULD PF DEDUCT TAX AT SOURCE?

BY WHAT NAME T.D.S SHOULD BE DEDUCTED?
WILL IT ISSUE FORM 16A.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
20 April 2009 NO TDS Will be applicable
In the chapter salary , it is clearly mentioned that if a partner receives salary , remuneration by whatever name it is called, the income shall be treated under Profit and gain from business and profession, it it because there is a relationship between business held by the partner and salary is provided by the surplus made by the firm
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