194T Applicable effective from 24.25 f.y.
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(6486 Points)
Replied 21 February 2025
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183191 Points)
Replied 21 February 2025
w.e.f. 1-4-2025:
Payments to partners of firms.
194T. (1) Any person, being a firm, responsible for paying any sum in the nature of salary, remuneration, commission, bonus or interest to a partner of the firm, shall, at the time of credit of such sum to the account of the partner (including the capital account) or at the time of payment thereof, whichever is earlier shall, deduct income-tax thereon at the rate of ten per cent.
(2) No deduction shall be made under sub-section (1) where such sum or the aggregate of such sums credited or paid or likely to be credited or paid to the partner of the firm does not exceed twenty thousand rupees during the financial year.
TDS under section 194T is applicable with effect from 1-4-2025, not with effect from assessment year 2025-26.
Recent Topics
- Cash ledger refund
- Interest free loans from directors in private limi
- Section 194T
- Paying GST on Residential House Construction
- Gst credit ledger input
- Income Tax Filing after Portal Deadline
- LTCG u/s 54 -Time Period Related
- Clarification -GST registration
- TDS on commercial bus insurance payment
- Do we need Environmental Clearance certificate for
Related Threads
CAclubindia
