BROKERAGE ON TDS

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This discussion clarifies when Tax Deducted at Source (TDS) applies to brokerage payments. Generally, TDS isn't required for individuals. However, if you run a business with a turnover exceeding certain limits or if your accounts were audited in the previous financial year, TDS may need to be deducted at a rate of 5%.

BHARTI R CHUADHARI

BHARTI R CHUADHARI (Querist)
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02 March 2022 HI
EXAMPLE:-
WE SALES THE PLOT OF LAND
WE PAID RS. 100000/- BROKERAGE AMT THEN TDS IS DEDUCTED OR NOT
IT INDIVIDUAL ACCOUNT

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 March 2022 Generally no need to deduct tax. But, if you have business/profession and the turnover in last year is more the Rs. 1,00,00,000/ Rs.50,000, then income tax has to be deducted u/s 194H.

CA Puja Sharma

CA Puja Sharma (Expert)
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03 March 2022 Ye, if you are an Income Tax assessee as an individual or a HUF then TDS deduction on brokerage is only required if your boos of accounts were audited in the previous FY.
Further, in all other cases deduct TDS @5% on brokerage

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