TDS on interest on partner's capital
This query is : Resolved
08 June 2009
Whether TDS is charged on interest on partner's capital?
- If it is so than please provide with its reference to any case law or circular/Notification.
- And if it is not so than please provide with its reference to any case law or circular/Notification
- If it is so than please provide with its reference to any case law or circular/Notification.
- And if it is not so than please provide with its reference to any case law or circular/Notification
08 June 2009
No need to deduct tax vide section 194A(3)(iv)of the Income tax Act,1961.
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Ratan Sharma
(Expert)
08 June 2009
Agreed
08 June 2009
Tax at source is not deductible on Intt on Partner's Capital.
Sumit gupta
(Expert)
08 June 2009
As per section 194A(3)(iv) interest income credited or paid by firm to a partner of the firm is not subject to TDS.
SINCE IT IS EXEMPT IN HANDS OF PARTNER.
SINCE IT IS EXEMPT IN HANDS OF PARTNER.
Radheyshyam Falod
(Expert)
08 June 2009
Tax at source is not deductible on Intt on Partner's Capital as per section 194A(3)(iv). But the same is taxable in the hands of the partner. What sumit gupta has said is wrong. It is taxable under the head business income in the hands of the partner.
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