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Tds & pt - partnership firn

TDS 477 views 1 replies

HI,

1] I am handling accounts of a new constituted partnership firm.  Kindly guide me if there is any problem deducting TDS from partner salary  ?

2] Other assistance required by me is regarding PT.  We have got registered with KVAT and got PT registration. Kindly guide me the online procedure to register under PT for payment of deductions from employees and partners salary ?

Thanks in advance -  Sivaprakash

 

Replies (1)
TDS is not required to be deducted u/s 192 as any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as "salary" -- Explanation 2 in Section 15. It is taxable as business income u/s 28(v).


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