Partner payments by firms attract tax deduction on qualifying salary, remuneration, commission, bonus, interest and capital-account credits. Tax deduction at source applies to salary, remuneration, commission, bonus or interest paid or credited by a firm to its partner, including amounts ... Summary
Partner payments by firms attract tax deduction on qualifying salary, remuneration, commission, bonus, interest and capital-account credits.
Tax deduction at source applies to salary, remuneration, commission, bonus or interest paid or credited by a firm to its partner, including amounts credited to the partner's capital account. The firm is responsible for deduction at a fixed rate of 10% where aggregate payments or credits exceed Rs.20,000.
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