A situation where the remuneration of the partner depends on the profitability of the firm, which in case is practically determined once the books of the firm are closed for the financial year after 31st March. after that the firm will deduct TDS from Partners account.
but Remuneration & Interest is only income of the said partner on which he already paying advance tax installment.
so he should pay advance tax installment ? or wait for TDS to be deducted by the firm
& what will be interest payable against late payment of liability of Income Tax.
CAclubindia
