Tds on brokerage
This query is : Resolved
parimal kar
(Querist)
04 February 2013
Sir,
If a brokerage Of Rs80000 is paid to an indivisual who have no other source of income. Is it necessary to deduct TDS as the amount is more than the examption limit of Rs 5000.
This broker is asking us not to deduct TDS as he not an assessee,having PAN,under IT Act,as he is not filling IT return for not having income of More than Rs2 lacs .
If a brokerage Of Rs80000 is paid to an indivisual who have no other source of income. Is it necessary to deduct TDS as the amount is more than the examption limit of Rs 5000.
This broker is asking us not to deduct TDS as he not an assessee,having PAN,under IT Act,as he is not filling IT return for not having income of More than Rs2 lacs .
Prakash Kochar
(Expert)
08 February 2013
It is necessary to deduct TDS, unless broker produces a certificate from AO for not to deduct tax or to deduct at lower rate. If deductee is not holding PAN tax is to be deducted at 20%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
