What is the New TDS Section 194T? The Finance Bill, 2024, presents a significant change for partnership firms with the proposal to insert a new TDS section 194T of the Income Tax Act, 1961. The same move has the motive to bring payments made to partners, including salary, remuneration, commission, bonus, and interest, under the TDS purview. At present no provision for TDS on such payments is there. The suggested section 194T of the Income Tax Act obligates the partnership firms to deduct TDS at a 10% rate on aggregate…