Search results
Aug 6, 2024 · Any person not being an individual or HUF paying any commission or brokerage is liable for TDS under section 194H since commission or brokerage serves as a source of income. However, this section also provides certain exceptions where TDS is not deducted on commission or brokerage.
Jul 25, 2019 · What is limit of TDS deduction on commission? Section 194H provides the exemption limit of INR 15,000 on TDS on commission i.e. TDS is deductible only if the aggregate amount of commission exceeds INR 15,000 during the Financial Year.
Oct 4, 2024 · Under Section 194T, if you receive salary, commission, bonus, or interest exceeding Rs. 20,000 in a financial year, the firm must deduct TDS at a rate of 10%. This deduction will occur either when the payment is credited to your account or when the payment is made, whichever comes first.
Mar 29, 2024 · It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. This comprehensive TDS rate chart for FY 2024-25 provides detailed information on thresholds, rates, and applicable sections for different types of payments.
Oct 24, 2024 · Threshold Limit: The TDS provisions of Section 194H are applicable only if the commission or brokerage payment to the payee exceeds ₹15,000 in aggregate during the financial year. If the total payment does not cross this threshold, no TDS needs to be deducted.
Sep 19, 2024 · Effective from 1st October 2024, as per the Budget 2024 update, the TDS rate on brokerage and commission under Section 194H has been reduced from 5% to 2%. The summary is as under: 5% – Before 01/10/24. 2% – On or after 01/10/24. 20% – PAN not provided. TDS on Commission or Brokerage Includes:
TDS must only be deducted if the total value of commission or brokerage payments exceeds the 194H limit of ₹15,000 in a financial year. The deducted TDS must be deposited on or before the stipulated date to avoid penalty.
When it comes to calculating TDS on commission limit and brokerage, entities entrusted with the task cannot deduct educational cess or surcharge. Notably, the insurance commission does not come under Section 194H and is referred to under Section 194D.
Jun 29, 2022 · If you are making a payment of more than Rs. 15,000 in one financial year towards commission or brokerage, you can make a tax deduction of 5%. There won’t be any additional deduction in the form of surcharge. In case of the absence of a PAN card, the TDS can be a maximum of 20%.
Apr 29, 2024 · The TDS (Tax Deducted at Source) rate applicable on commission or brokerage is 5% as per Section 194H of the Indian Income Tax Act. This rate is applicable for all types of commission or brokerage unless specified otherwise under the act.
