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# taxdeductiononpartnerpayments

1 posts in `taxdeductiononpartnerpayments` tag

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Budget

New TDS Section 194T: What You Need to Know About Tax Deduction on Partner Payments

The Union Budget of 2024 introduced a new section in the Income Tax Act, 1961 - Section 194T. This provision mandates tax deduction at source (TDS) on certain payments made to partners of a firm, including salary, bonus, commission, interest, or remuneration. This blog provides a comprehensive guide to understanding the new TDS Section 194T, its implications, and compliance requirements. It covers the benefits and challenges of this provision, helping firms and partners navigate the new tax landscape.