Tds on partners capital interest
This query is : Resolved
09 May 2014
Whether TDS is applicable on Interest paid to partners by the partnership firm on the partners capital.
09 May 2014
No TDS is applicable on that, coz it will added back to partners capital which will result in increase in capital of the firm itself. So it is indirectly the income of firm. So we can't deduct TDS on our own income.
09 May 2014
Income tax need not be deducted from the interest payment to partners of partnership firm. Please see section 194A(3)(iv).
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14 May 2014
TDS ON PARTNER CAPITAL INTT NOT DEDUCTABLE
AND INTT WILL TAXABLE IN HAND OF PARTNER AS BUSINESS INCOME.
AND INTT WILL TAXABLE IN HAND OF PARTNER AS BUSINESS INCOME.
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