HELLO FRIENDS
MY UNCLE & COUSIN BROTHER HAS INCORPORATED LLP ON 28TH AUGUST , 2015. THEY R GETTING INCOME MORE THAN EXEMPTION LIMIT (RS. 250000) FROM OTHER 4 HEADS. WHETHER LLP LIABLE TO DEDUCT TDS ON SALARY IF IT PAYS TO DESIGNATED PARTNER? AS ITS FIRST FINANCIAL YEAR OF LLP.
In my view, LLP enjoys status of partnership firm under Income tax act and hence salary paid to partners is not liable to tds if paid within prescribed limits.
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