Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Tds on brokerage

Save Share

This query is : Resolved

UMESH BANSAL (Querist)

09 August 2016 One of my Client sale property through property dealer and paid brokerage to property dealer for selling his property. the brokerage exceeding the limit u/s 194H. Whether TDS deducted or not?

Z (Expert)

09 August 2016 Whether the person making the payment is liable to tax audit? If your answer is in affirmative, then so is mine.

Relevant extracts for your reference
an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such commission or brokerage is credited or paid, shall be liable to deduct income-tax under this section:

UMESH BANSAL

UMESH BANSAL (Querist)

12 August 2016 Yes Sir, he is liable for tax Audit.

Thanks so much Sir for a Reply

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