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Income tax

chirag (job) (107 Points)

27 August 2016

MY query is regarding income tax about 44ab, My firm is logistics company it is work of as a broker and commission my company turnover 2 crores is it liablities for get the tan numbre and is it liablites for deducted tds from broker and commission Chirag Mistry

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 27 August 2016

If your company is paying brokerage or commission which exceeds limit of 15000 at any time during financial year 2016-17. TDS has to be deducted @ 5% under section 194H

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Mukesh Kumar (Accounts Manager) (1466 Points)
Replied 27 August 2016

DEAR SIR

IF SECTION 44 AB IS LIABLE ON YOU AND YOU HAVE CROSS THE LIMIT OF AUDIT ,

THAN YOU SHOULD APPLY TAN NO AND START TDS DEDUCTE @ 5% UNDER SECTION 194H AGAINST PAYMENT AS COMMISSION OR BROKEGE

GOOD LUCK

CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 27 August 2016

Hiiii,

TDS liability is emerged only if your accounts are liable for audit under section 44AB in previous year.So after that previous year you have to deduct TDS.

For depositing TDS , TAN is compulsory so you have to apply for it afterwards.