Tds deduction
This query is : Resolved
CA Konfused
(Querist)
18 November 2014
Are Mutual Funds( Asset Management Company) liable to deduct TDS on Brokerage paid to buy or sell shares?
Amol S Joglekar
(Expert)
18 November 2014
Yes. The brokerage paid is a subject matter of TDS u/s 194H
CA Konfused
(Querist)
18 November 2014
Hey can you confirm as many of our clients are asset management companies or life insurance companies and they do not dedcut TDS , so is there any specifice exemption for these companies.
Amol S Joglekar
(Expert)
18 November 2014
LIC of India also deducts TDS u/s 194H.
No TDS is required to be done if the amount of the brokerage does not exceed Rs.5,000
No TDS is required to be done if the amount of the brokerage does not exceed Rs.5,000
Rupesh Jain
(Expert)
18 November 2014
tds is compulsory deducted by the company/payer if your brokerage/ commission limit is above rs. 5000/- in a year.
Amol S Joglekar
(Expert)
18 November 2014
No any specific exemption is granted to Asset Management Companies.
CA Konfused
(Querist)
18 November 2014
In our case clients are not deducting TDS and hence the confusion.Anyways thanks for the answers.
Amol S Joglekar
(Expert)
18 November 2014
You are welcome.
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