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of <h1>Firm must deduct 10% TDS on partner salary, remuneration, commission, bonus or interest when credited or paid; exemption under ?20,000</h1> A firm that pays a partner any sum described as salary, remuneration, commission, bonus or interest must deduct tax at source at 10% when the amount is credited to the partner's account (including capital account) or on payment, whichever is earlier. No deduction is required if the total of such sums credited or paid, or likely to be credited or paid to the partner in a financial year, does not exceed twenty thousand rupees. Effective date applies as per the amending enactment.
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