TDS on Remuneration to partners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2011
Can anyone plz tell me whether TDS is applicable on interest to partners or remuneration to partners.
Also tell me whether TDS is applicable on remuneration to director...if yes please given me relevant section or notification.
Thanx in advance
Maheshwari Katara
Also tell me whether TDS is applicable on remuneration to director...if yes please given me relevant section or notification.
Thanx in advance
Maheshwari Katara
04 April 2011
Dear Friend!
Interest paid on partner's Account is not liable for TDS in view of the specific exemption under Section 194A(3)(iv) of the Income Tax Act.
Remuneration to partners of firms and directors of companies are 'Salary' and therefore liable for TDS under Section 192.
Regarding 'Audit fees' paid the auditor, the same is professional payment liable for TDS under Sevtion 194J at 10% + Surcharge as applicable + Educational cess.
Good Bye! Cheers!!
Interest paid on partner's Account is not liable for TDS in view of the specific exemption under Section 194A(3)(iv) of the Income Tax Act.
Remuneration to partners of firms and directors of companies are 'Salary' and therefore liable for TDS under Section 192.
Regarding 'Audit fees' paid the auditor, the same is professional payment liable for TDS under Sevtion 194J at 10% + Surcharge as applicable + Educational cess.
Good Bye! Cheers!!
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2011
Sir as per my point of view you are wrong...read below line.
The salary or remuneration to a partner by a partnership firm is not charged under the head INCOME FROM SALARY , but treated as “business income” in the hands of partner's. Therefore, there is no question of TDS on salary or remuneration paid by the firm to the partner's of a firm .
The salary or remuneration to a partner by a partnership firm is not charged under the head INCOME FROM SALARY , but treated as “business income” in the hands of partner's. Therefore, there is no question of TDS on salary or remuneration paid by the firm to the partner's of a firm .
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