TDS u/s 192
This query is : Resolved
31 August 2009
If a partnership firm pays salary to its partners, then is it liable to deduct tax at source on such salary paid or credited?
31 August 2009
No There is no applicability to deduct TDS on Remuneration paid to partner, Since this income is taxable to Partner under the Head Business or Profession.
31 August 2009
Thank u Sir for the instant reply
31 August 2009
Salary payment to partners is not covered under section 15 of the Income Tax Act, 1961.
This is because, there is no employer and employee relationship between the firm and partners.
Partners are the owner of the firm.
In view of the above TDS u/s 192 is not applicable to salary to partners.
This is because, there is no employer and employee relationship between the firm and partners.
Partners are the owner of the firm.
In view of the above TDS u/s 192 is not applicable to salary to partners.
31 August 2009
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