Tds on partner's remuneration
This query is : Resolved
21 February 2012
Dear Sir,
I,ve a query related to Partner's Remuneration & TDS on partner's Remuneration.
(1) what is relationship b/w Partner & Partnership firm.
(2) Under which section TDS on partner's remuneration will be deducted.
I,ve a query related to Partner's Remuneration & TDS on partner's Remuneration.
(1) what is relationship b/w Partner & Partnership firm.
(2) Under which section TDS on partner's remuneration will be deducted.
21 February 2012
Partner remuneration not attract TDS under any section.
Relationship between partner & firm is the ownership. hence not attract TDS
Relationship between partner & firm is the ownership. hence not attract TDS
22 February 2012
Section 28(v) of the Income Tax Act,1961 says, salary paid to a working partner of a partnership firm is "business income" in the hands of the partner and ,therefore, TDS provisions doesn't attract.
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