tds on salary given by firm to partner
This query is : Resolved
padam singhvi
(Querist)
15 July 2010
can a partnership firm deducted tds on salary given to their partner. another one is that is there compulsary to share profit distributed by firm to partner,can a firm capitalised share profit.
Sunil Kr. Sanganeria
(Expert)
15 July 2010
No Partnership firm is not required to deduct TDS on salary paid to partners because salary received from firm by a partner is ataxable as business profit in the hands of partners.
Profit earned by the partnershiip firm has to be distributed among partners in their Profit sharing ratio
Profit earned by the partnershiip firm has to be distributed among partners in their Profit sharing ratio
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