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of <h1>Firms Must Retain 30% of Partner Profits for Tax u/s 182(4) of Income-tax Act, 1961.</h1> The circular addresses the obligation of registered firms under Section 182(4) of the Income-tax Act, 1961, to retain up to 30% of each partner's share of profits for tax payment. This retention acts as a security against the partners' tax liabilities and must occur even before tax is levied or communicated by the Income-tax Officer. The circular highlights instances of non-compliance due to misunderstandings about when retention should occur and urges firms to adhere to this provision to avoid penalties. The Central Board of Direct Taxes requests Chambers of Commerce to inform their members of these requirements.
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