Hi friends, I am running a Housing loan DSA, and a few of my friends are conducting their business through my DSA. After receiving the commission (post TDS), I have to allocate their share of the commission. Now, my question is, as the proprietor of the DSA, is it necessary to deduct tax at the time of their payment, i.e., commission? If so, please inform me about the rate at which I should deduct the tax and what the ceiling amount for TDS is.
Thanks & Regards,
Raman
Bangalore
From India, Bangalore
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Thanks & Regards,
Raman
Bangalore
From India, Bangalore
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Dear Suba, please refer to the details below; I hope they will serve your purpose.
TDS on Rent
If it's related to rent, it falls under 194i Rent Property. Up to Rs. 180,000/-, no TDS is to be deducted. If it's more than Rs. 180,000/-, then 10% TDS is to be deducted on the total amount, and the same is to be deposited by the 7th of the next month.
TDS on Commission/Brokerage
If it's commission/brokerage, it falls under 194h. Up to Rs. 5,000/-, no TDS is to be deducted. If it's more than Rs. 5,000/-, then 10% TDS is to be deducted on the total amount, and the same is to be deposited by the 7th of the next month.
From India, Jamnagar
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TDS on Rent
If it's related to rent, it falls under 194i Rent Property. Up to Rs. 180,000/-, no TDS is to be deducted. If it's more than Rs. 180,000/-, then 10% TDS is to be deducted on the total amount, and the same is to be deposited by the 7th of the next month.
TDS on Commission/Brokerage
If it's commission/brokerage, it falls under 194h. Up to Rs. 5,000/-, no TDS is to be deducted. If it's more than Rs. 5,000/-, then 10% TDS is to be deducted on the total amount, and the same is to be deposited by the 7th of the next month.
From India, Jamnagar
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Amendment in Section 192A of the IT Act, 1961- Instructions for deduction of TDS on withdrawal f.pdf