TDS on payment of salary, remuneration, interest, bonus or commission by partnership firm to partners (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)
24 July, 2024
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TDS on partner payments introduced: firms must deduct on salary, remuneration, interest and commissions paid to partners. A new provision imposes TDS on partnership firms for payments to partners - salary, remuneration, commission, bonus and interest - including amounts ... Summary
TDS on partner payments introduced: firms must deduct on salary, remuneration, interest and commissions paid to partners.
A new provision imposes TDS on partnership firms for payments to partners - salary, remuneration, commission, bonus and interest - including amounts credited to capital accounts, where aggregate payments to a partner in a financial year exceed a specified threshold; the applicable rate is ten percent and the provision takes effect from the commencement of the stated financial year.
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