Tds on commission

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This query is : Resolved

Nandini Garg (Querist)

28 February 2014 IF TAXABLE INCOME OF AN INDIVIDUAL ASSESSEE IS UNDER RS 200000 HAVING COMMISSION AS HIS SOURCE OF INCOME, WHETHER THE TDS DEDUCTED ON HIS COMMISSION IS REFUNDABLE TO HIM OR NOT?

Sandeep Dharar

Sandeep Dharar (Expert)

28 February 2014 Ya the TDS will b refunded since the taxable Income is within exemption limit.

motichand gupta

motichand gupta (Expert)

28 February 2014 Yes, if will be refundable U/s 143(1)of IT Act and for that he has to file IT Return U/s 139 of IT Act.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

28 February 2014 yes, no tds will be deducted in this case...

Ganeshbabu K

Ganeshbabu K (Expert)

28 February 2014 On his commission tds may deducted as 5000 is the threshold limit for commission income
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however as amount not exceeded basic exemption limit he can claim tds deducted in his return and refund of tds will be possible
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ITR4 applicable as commission is taxable under Business income
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Can offer this 2 lakhs commission in ITR4 and can show in p&l sheet in serial no.51 which is no accounts maintained case..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

28 February 2014 ganesh babu the words used are "exceeds 5000" then how tds is deductible.

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