hi frnds good evening to all...........
my doubt is, if an firm pays remuneration to its partners and that remuneration exceeds the taxable limits then that firm is liabile to deduct tds u/s- 192, or
is sec.192 is applicable only for employer & employee relationship?
thans in advance
siri.
Remuneration does not come in the definition of salary hence you can’t deduct tds u/s 192 on remuneration of partner.
no que of employer employee relation...as here parners are employee --as well as employer...so no que of tds
Salary paid to partners of firm is business income in hands of partners as per secton 28(v) of Income Tax so no TDS on remuneration of partner in Partnership firm.
okkkkkkk. thanks,
siri.
According to sec192 " any person responsible for paying any income chargeable under the head 'salaries' shall liable to TDS".
As per Sec 15(2) defines salaries as," Any salary, bonus, commission or remuneration by whatever name called due to or received by a partner from a firm shall not be regarded as salary" so no question of TDS in this situation......
remuneration paid to partner , there is no relation bet. employer and employee hence TDS not Applicable
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