TDS on Commission or brokerage u/s 194H has to be deducted at the following rate:-
Prior to 1-6-2016 Tax Deduction Rate (TDS) @ 10%
on or after 1-6-2016 Tax Deduction Rate (TDS) @ 5%
TDS on Commission or brokerage to be deducted by any person Other than an individual or a Hindu undivided family.
In case of individual or a Hindu undivided family,TDS on Commission or brokerage to be deducted whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such commission or brokerage is credited or paid
TDS on Commission or brokerage is to be deducted u/s 194H on any income by way of commission (not being insurance commission referred to in section 194D) or brokerage
TDS on Commission or brokerage is to be deducted u/s 194H at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier
NO TDS u/s 194H on any commission or brokerage payable by Bharat Sanchar Nigam Limited or Mahanagar Telephone Nigam Limited to their public call office franchisees.
My uncle was talking about income tax saving the other day and there was so much that I didn’t know about. I have been looking for blogs like this since then in order to understand how financial and tax system works. It was good coming across this post as well.
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