Tds
This query is : Resolved
05 January 2016
If a firm has two partner out of which one is individual and other one is a pvt. ltd. company. So firm paying remuneration to the director of the company will be liable to deduct tds or not?
And also if firm has paid remuneration to the individual partner which crosses the taxable limit will be also liable to deduct tds or not?
And also if firm has paid remuneration to the individual partner which crosses the taxable limit will be also liable to deduct tds or not?
05 January 2016
TDS is not applicable to partners salary as the section specifies the term as "any income that is chargeable under the head salaries". As partners salary is chargeable under the head Profits and Gains of Business and Profession, the firm is not liable to deduct tax at source on such salaries.
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