Tds on partners salary
This query is : Resolved
JAGJIT SINGH
(Querist)
07 June 2018
AS THE TDS IS NOT APPLICABLE ON SALARY TO THE PARTNERS OF THE FIRM BUT WE WANT TO DEDUCT AND DEPOSIT THE SAME TO THE CREDIT OF CENTRAL GOVT. BUT ARE CONFUSED UNDER WHICH SECTION IT SHOULD BE DEDUCTED.
CAN ANY EXPERT OPINION BE HELPFUL TO US...
JAGJIT DHIMAN
9417821267
CAN ANY EXPERT OPINION BE HELPFUL TO US...
JAGJIT DHIMAN
9417821267
Nikhil Kaushik
(Expert)
07 June 2018
you already know that it is not applicable, then why complicate the matter. If you deduct TDS as salary, that would unnecessarily burden the partner as he will have to show this as salary which would lead to f higher taxable income whereas generally he would show it was business income which would attract much lower taxation as benefits of 44ADA/44AD etc are available. So better just pay him the salary and let him bother about advance tax payments.
Message likes :
1 times
JAGJIT SINGH
(Querist)
07 June 2018
THANKS! FOR YOUR RESOLUTION .
Nikhil Kaushik
(Expert)
07 June 2018
you are welcome Jagjit....
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Additional trade name
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
