Tds on profits
This query is : Resolved
23 May 2012
There is a Memorandum of Understanding Agreement between the Partnership Firm and Mr. A that he will receive 40% of the profit as per the MOU. Whether TDS is to be deducted on such profits?
Regards,
Devendra Kulkarni
Regards,
Devendra Kulkarni
25 May 2012
If the partnership firm shows this amount as expenditure, then TDS has to be deducted either u/s 194C or 194J. However, if the amount is being paid after computation of profit of the partnership firm,no TDS is to be deducted.
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