t.d.s. on interest paid to retired partners
This query is : Resolved
29 April 2009
Capital sum has been paid by the partnership firm to partners retired on 31-03-07 on 30-09-2007 togather with interest. Can this interest paid during f.y. 07-08 to retired ex partners be treated as interest paid to partners for exemption from tax deduction U/s 194A(3)(iv)? does the term partner in this section include an expartner?
30 April 2009
TDS shall be leviable on the interest paid to ex- partnet.
30 April 2009
The exemption under section 194A(3)(iv) is granted as the interest on capital is treated as income from business in the hands of the partners. Howerver the in the given situation Tax needs to be withhold u/s 194A as the income is in the nature of interest not business income. I agree with Manmohan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Gst Sales of FY 2023-24
- Legal heir raised refund , but refund issued to the closed account of deceased.
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
