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BROKERAGE ON TDS

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This query is : Resolved

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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)

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)

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)

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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