Income Tax: Proposed insertion of new Section 194T mandates 10% ...

10% TDS on partners' income above Rs. 20K p.a. from April '25 for partnerships. Widening tax base & curbing avoidance.

Notes Bill

July 30, 2024

Income Tax: Proposed insertion of new Section 194T mandates 10% TDS on payments exceeding Rs 20,000 annually by partnership firms to partners towards salary, remuneration, interest, bonus or commission, effective April 1, 2025, widening tax base and curbing avoidance. This provision currently does not exist.

View Source

← Previous Next →

Income Tax: Proposed insertion of new Section 194T mandates 10% ...

10% TDS on partners' income above Rs. 20K p.a. from April '25 for partnerships. Widening tax base & curbing avoidance.

Notes Bill

July 30, 2024

You may also like:

Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption...

Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

Income Tax: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which...

Income Tax: Section 206C(1F) of the Income Tax Act is proposed to be amended to levy Tax Collection at Source (TCS) on sale of any other goods exceeding Rs. 10 lakh, in...

Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or...

Transitioning unutilized input tax credit under the Kerala Goods and Services Tax Act, 2017 - error in claiming input tax credit of unadjusted TDS. The High Court held...

Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

Whether income of VCF shall be exempt only to the extent it is from the investment in venture capital undertaking ? - Exemption under section 10(23FB) and exemption...

Demand of service tax of the dissolved partnership firm from the erstwhile partners - Section 25 of the Partnership Act clearly mandates that all the partners are...

Denial of exemption u/s 10(25)(ii) - filling of return in the abbreviated name - We are of the considered view that ld. CIT (A) has erred in dismissing the rectification...

TDS credit - refund of TDS reflected in his Form-26AS - tax liability was created against the firm but crediting in the account of partner / individual - no dispute that...

Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

Incomes not included in total income - Clause (23C) of Section 10 amended - Section 10(17A) to 10(23C) of the Income-tax Act, 1961

Taxability of trust - liability to deduct TDS u/s 194A - receipt of interest income - it is evident that whole of their income was exempt u/s 10(25) and 10(23AAA) of the...

Quick Updates: