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of <h1>New Section 194T: Firms to Deduct 10% Income Tax on Partner Payments Over 20,000 from April 2025.</h1> A new section, 194T, is added to the Income-tax Act, effective April 1, 2025. This section mandates that firms must deduct income tax at a rate of 10% on payments such as salary, remuneration, commission, bonus, or interest made to partners. The deduction should occur at the time of crediting the amount to the partner's account or at the time of payment, whichever is earlier. However, no tax deduction is required if the total payments to a partner do not exceed twenty thousand rupees during the financial year.
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