TDS
This query is : Resolved
30 June 2011
is tax to be deducted on interest and salary payable to partners in partnership firm? If not please give me reason?
30 June 2011
Salary and Interest to partners are deemed as appropriation of profit.
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Partner is not an employee of the firm. For deducting TDS U/s 192 the income is required to be chargeable under the head Salaries, whereas partner's Salary is chargeable under the head PGBP.
*
In case the partner is resident no TDS is required to be deducted on interest payable to him vide Section 194A(3)(iv).
*
Partner is not an employee of the firm. For deducting TDS U/s 192 the income is required to be chargeable under the head Salaries, whereas partner's Salary is chargeable under the head PGBP.
*
In case the partner is resident no TDS is required to be deducted on interest payable to him vide Section 194A(3)(iv).
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