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of <h1>New Section 194T: Firms to Deduct 10% Tax on Partner Payments Over 20,000 from April 2025.</h1> Clause 62 of the Finance (No. 2) Bill, 2024, introduces section 194T to the Income-tax Act, effective from April 1, 2025. This section mandates that firms must deduct a 10% income tax on payments such as salary, remuneration, commission, bonus, or interest made to partners, either at the time of credit to the partner's account or payment, whichever is earlier. However, no tax deduction is required if the total payments to a partner do not exceed twenty thousand rupees in a financial year.
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