20 December 2013
Dear Sir/ Madam Pls guide me when a firm paid salary to its partner under which section it deduct tax, if the firm deduct tax U/s 192B as salary But for partner salary section 15 not applied section 28 applied. can the partner adjust any loss which he incurred any other business except house property loss. Actually I am Confused. Pls Guide
20 December 2013
When a firm paid salary to its partner, no tax is required to be deducted. Actually, in the eyes of law no eomplyee-employer relationship exist.Hence no TDS applicability. In respect of sett off-c/f provision, it is independent of status (be it is partner, individual, firm or company) i.e. this caln is carried out according to manner specified in respective section.
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