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Tds on profits

This query is : Resolved 
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(Querist)
23 May 2012 There is a Memorandum of Understanding Agreement between the Partnership Firm and Mr. A that he will receive 40% of the profit as per the MOU. Whether TDS is to be deducted on such profits?

Regards,
Devendra Kulkarni
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Soumitra Basu

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Soumitra Basu (Expert)
25 May 2012 If the partnership firm shows this amount as expenditure, then TDS has to be deducted either u/s 194C or 194J. However, if the amount is being paid after computation of profit of the partnership firm,no TDS is to be deducted.
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