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2020

Important FAQs regarding TDS on Income from Commission or Brokerage

The provisions of section 194H of the Income Tax Act, 1961 governs the TDS deductible on commission or brokerage income. As per the provisions of section 194H of the Income Tax Act, 1961, any person making payment of any income in respect of commission/brokerage is required to deduct TDS. In case of Individual / Hindu Undivided Family (HUF) provisions of section 194H applies only if the total sales / gross receipts or turnover exceeds the monetary limit specified under section 44AB (a) or (b). From FY 2020-21, individual and HUF whose turnover from the business is above Rs 1 crore or gross receipts from the profession are above Rs 50 lakh are also required to deduct TDS. Section 194H does not include an insurance commission referred to in section 194D.

Archive


2019

Brief Note on TDS Under Section 194H

Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS. Section 194H does not include insurance commission referred to in section 194D.

2019

TDS Deductive on Payment of Rent paid by Individuals and HUF

In the case of rent paid to residents, Section 194IB has been inserted with effect from 1st June 2017, which is related to TDS on Rent paid by Individuals and HUF to Residents. The article discusses Provisions related to TDS under Section 194IB on Rent paid by Individuals and HUF to Residents.

2017

Blog29

“The hardest thing in the world to understand is the Income Tax.”- This quote has come from an all-time great scientist and genius Albert Einstein. Indeed, taxation laws are highly complex. Entrepreneurs, traders, and individuals often get baffled in computing tax on their income. One of our taxable incomes is interest on FD or any investment.

Banks, by rule, have to deduct TDS (Tax Deducted at Source) when your interest income is more than INR 10000 a year. The bank includes all your deposits, from all the branches, to calculate this income. But what if our total income is below the taxable limit? The government has given the provision to request banks not to deduct any TDS on interest if our income is not taxable. Forms 15G and 15H are used for this purpose.

2015
 

A. TDS-related amendments

 

Several amendments have been proposed in the sections dealing with the deduction of tax at source.

1. Requirement for obtaining evidence/ particulars by employer for TDS–Section 192

2015

Introduction

  • The real estate sector in India is one of the largest drivers of the country’s economic growth.
  • Real estate in India contributes massively to the country’s GDP.
  • Currently, the Indian Real Estate Market has a market size of approx USD 70 billion [INR 3.8 lakh crore] and is expected to touch the market size of USD 180 billion [INR 10 lakh crore] by the year 2020.

Financial Management