T.d.s

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rajesh (Querist)
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26 June 2014 WHETHER T.D.S SHOULD BE DEDUCTED ON INCOME RECEIVED BY A PARTNER AS A INTEREST ON FIXED CAPITAL IF PARTNERSHIP FIRM IN A TAX AUDIT ?

Deepti Asawa (Expert)
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26 June 2014 The partnership firm will not deduct tds from interest paid to partners as the governing section 194A specifically exempts it.

Rupesh Jain (Expert)
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26 June 2014 intt paid to partners by firm on capital a/c . tds provisions not applicable on firm. a/c will audited or not there is no diff.

rajesh (Querist)
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27 June 2014 Thanks for rpl

CMA. CS. Sanjay Gupta (Expert)
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27 June 2014 No TDS deduction required on interest paid to partners capital (Vide Section 194A(3)(iv) of the Income Tax Act 1961)

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