The situation in most Small Partnership Firms due to #194T is like this:
1. TDS of 10% being deducted on per partner having 20001 to 10 Lakh Business Income.
2. Majority of these partners are having personal income <= 12 lakh.
3. Most of them will take refund of this TDS deducted.
This is causing working capital blockage of TDS for 3-6 months.
Either the TDS rate needs to be reduced, or it needs to go away entirely.
#incomeTax
Please note the following important updates regarding CA examinations:
•The CA Intermediate exams will now commence from 5th May.
•There is no change in the schedule for Foundation and Final exams as of now.
•A significant decision has been taken for CA Final the earlier system of conducting two examinations per year on May and Nov will be reinstated.
•The Foundation and Intermediate exams will continue to be held three times a year.
Kindly take note of these changes and plan accordingly.