Tds code and rate

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2016 my partnership firm is 5 month old and received commission from many General Insurance than some part of commission pay to sub broker....
(1) can We paid as a reference expance instead of commission to avoid TDS process
(2) Can we paid commission to sub broker.
(3) If we apply for Tan No than which liabilities for interest ,penalty from starting (from 5 Months)

Girish Shah
11/2/2016

Nikhil Kaushik

Nikhil Kaushik (Expert)

11 February 2016 1. reference expense shall also get covered either under commission itself or under professional fees!

2. yes you can

3. there is no penalty for applying TAN late. but late deduction of tax and/or late deposit of taxes. read the tax act to figure out rates!

Ganeshbabu K

Ganeshbabu K (Expert)

11 February 2016 1)you cannot avoid TDS in either way.
2)yes
3)partnership firm is liable to deduct TDS irrespective of its turnover so they mandatorily need to apply for TAN as and when you have formed partnership,
yes interest and latefee you need to suffer,apart from if you made delay of 1 year in filing of TDS return penalty of rs.100 to 1lakh will be charged on you as per 271H

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