Tds on partners salary or remuneration

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Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2012 DEAR SIR,
KINDLY TELL ME ABOUT THE NEW LAW ABOUT TDS ON PARTNERS SALARY 194J(1)(BA)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 April 2012 There is no provision like this. Section 194J has been amended for including the TDS provisions on amount payable by a company to its directors like sitting fee etc. which is not included while deducting TDS on his salary U/s 192.
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CA Prashant Gupta

CA Prashant Gupta (Expert)
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16 April 2012 Agree with sir, no tds required for partner's ca[ital

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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17 April 2012 TDS on Partner Salary/remuneration is not attract TDS provision

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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17 April 2012 yes agree with above.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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17 April 2012 There is nothing to do of patners' salary with newly inserted section.
The new section is applicable only for directors of the company.

There is no TDS on remuneration to partners but there is limit u/s 40(b) for deduction beyond which deduction will not be allowed.
TDS will not be deducted even if payment exceeds the limit but the firm will get the deduction to maximum limit.