Budget 2024: 10% TDS on Firm to Partner Payments under New Section 194T [Read Bill]

10% Income Tax TDS on Firm to Partner Payments under New Section 194T
By Navasree A.M - On July 23, 2024 7:48 pm - 2 mins read
Budget 2024 - TDS - Firm - Partner Payments - New Section 194T - taxscan

The Finance Bill, 2024, introduces an important change for partnership firms with the proposal to insert a new TDS section, 194T of income tax act, 1961. This move aims to bring payments made to partners, including salary, remuneration, commission, bonus, and interest, under the TDS purview. Currently, there is no provision for TDS on such…

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