06 July 2013
TO DEAR SIR, I AM PARTNER IN FIRM.MY SON JOIN FROM THIS YEAR OF APRIL-2013.HE DRAWING SALARY OF RS 15000/- WHICH TAX APPLICABLE TDS OR PT? WHAT SLAB?
06 July 2013
If your son is joining in the firm as a partner, you will have to amend the Partnership deed and admit him as partner and in such new deed he should be a working partner with a remuneration of Rs.15,000/- p.m.as you said.Then only such remuneration to working partner can be claimed as allowable expenditure against the profits of the Partnership firm.Coming to TDS, no TDS is required to be made on such WP remuneration.In other case, if your son is joining the Partnership firm as an Employee with a salary of Rs.15,000/-, he would be receiving Rs.1,80,000/- p.a. which is below the taxable limits.Hence TDS need not be made.If it crosses the taxable limits, TDS is to be made as per applicable rates of IT.
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