Commission and tds
This query is : Resolved
20 April 2014
Dear sir, our firm is engaged in sale of maize powder used as cattle feed . Our sister concern have engaged some persons on contract for procurement of raw materials for their firm. These persons on contract have agreed to find the business opportunity for our firm also. We agree to give 10 Paise per Kg of maize sold by information given by these contract persons. Are we liable to deduct TDS if payment to a single person exceeds RS.5000/-?
20 April 2014
yes you are required to deduct tds on the same.
21 April 2014
Yes, As you are paying commission to them for procuring the business for them.
21 April 2014
you are paying commission the you have to deduct the tds u/s 194H @10% on commission payment.
but you not mention the firm status proprietorship or partnership.
if partner ship then you have to deduct the tds.
if you are prop. and your sales are below rs. one crore in F Y 2013-14.
then you are not liable to deduct the TDS.
if your sales are above Rs. 1 crore then you have to deduct the tds as above rate.
but you not mention the firm status proprietorship or partnership.
if partner ship then you have to deduct the tds.
if you are prop. and your sales are below rs. one crore in F Y 2013-14.
then you are not liable to deduct the TDS.
if your sales are above Rs. 1 crore then you have to deduct the tds as above rate.
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