Sec-194D

Save Share

This query is : Resolved

CA Jignesh (Querist)
Follow

22 February 2011 AS per Sec-194D, it is specfically mentioned that no adjustment is possible for any Debit made in Agent's A/c after any credit made for commisioned earned by him. I want know that if concern has refunded the commisioned earned by way of debit made in his account whether is it possible to adjust the TDS deducted earliar on commision credited in later period ?...Please reply me urgent....

Guest

Guest (Expert)

22 February 2011 Query is not quite clear.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

22 February 2011 Jigneshbhai,

On commission earned by an agent, the insurance company has to deduct TDS on monthly basis.

Even if the debit of the agent exceeds commission amount, then also TDS will be deducted.

Debits to the agents a/c are generally made for either of his insurance premium, or for
the adjustment of loan a/c or for any debit arising due to the return of cheque of a party.
These all instances are application of his income.
In no way , the commission income of an agent reduces by such debits.

However, insurance company may adjust TDS
in case more TDS has been deducted by it in the earlier period.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now