Partners receiving payment from a firm not liable to pay service tax
By IANS |
Published on
Mon, May 10 2021 15:06 IST |
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Partners receiving payment from a firm not liable to pay service tax. Image Source: IANS News
New Delhi, May 10 : In a big relief to individuals operating as partners in partnership firms, the Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that any remuneration received by them, as per the obligation of the partnership deed, would be treated as share of profit and not as service under service tax law.
What this effectively means is that partners would not be liable to pay GST on the remuneration received by them from a partnership firm but would account for such payment as income where income tax may be payable.
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Last Updated: Apr 05, 2021, 03:34 PM IST
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Synopsis
In the Cinematograph Act, the appellate body will now be the High Court instead of the tribunal, while in the Copyright Act, commercial court or the commercial division of the High Court has been made the appellate body instead of appellate Board. Similarly, the High Court will replace the Board in the Patents Act and Trade Marks Act.
Agencies
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