Tax Deduction on Partner Payments requires firms and LLPs to withhold on remuneration, interest, commissions, bonuses, and credits. Tax deduction at source applies to firms and limited liability partnerships paying or crediting partner salary, remuneration, commission, bonus or ... Summary
Tax Deduction on Partner Payments requires firms and LLPs to withhold on remuneration, interest, commissions, bonuses, and credits.
Tax deduction at source applies to firms and limited liability partnerships paying or crediting partner salary, remuneration, commission, bonus or interest, including capital-account credits. Deduction is at 10 per cent when aggregate payments or credits during the relevant financial year exceed Rs.20,000, and applies to the entire amount. Under section 194T, deduction is made at the earlier of credit or payment.
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