Partners salary, remuneration, bonus etc are now subject to 10% TDS wef 1.4.25. Whether on accruals basis[ agreement]in FY 24-25, should we deposit Tax ? Partners have considered this in advance tax. Kindly guide.
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Section 194T: TDS Application
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- Section 194T, which mandates Tax Deducted at Source (TDS) on certain payments made by a firm to its partners, is applicable from the financial year 2025-26.
- It should be deducted based on accrual to capital account.
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