TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2010 hello, sir
i have a problem in tds actually if a partnership firm provide the salary to his partner 300000/- (three lac) annually for the Ass. Year - 2010 - 11 and tds will be 14420/-. Is it possible to deposit less amount of 14420/-, i want to deposit 4000/- only because the income tax will be not covered such enough amount is it right?

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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15 March 2010 Hi,

Do you mean you do not have enough money to pay 14,420.

You can deducut TDS of 4000 and deposit but that will not be correct to do as a tax deductor.

So talk to the partner and pay the whole amount.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 March 2010 you are required to deduct TDS as per information submitted to you, Regarding other income and investment etc.

You are paying salary Rs.300000/-

Then if partner gives you details of other income and his investment details(80C/80D etc) you have to take that in consideraion as well and also the TDS deducted by other or any advance tax paid.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 March 2010 As per Section 28(v) of the Income Tax Act, salary paid to a partner of partnership firm is only business income in the hands of the partner and therefore no TDS would be made on the same.