Tds on commissions
This query is : Resolved
29 March 2014
query on tds on commission income.:-
If an assesse is senior citizen(female)& she is sub broker of trading member (Equity & commodities market)& her income is non taxable as per limit under income tax rules. she had also submitted the 15H form to the company(trading member). therefore in this case if any brokerage or commission income earned by her threw company, then will company deduct the tds on that brokerage/commission or not & why?
Kindly please resolve the query
Thanks
Rishabh
If an assesse is senior citizen(female)& she is sub broker of trading member (Equity & commodities market)& her income is non taxable as per limit under income tax rules. she had also submitted the 15H form to the company(trading member). therefore in this case if any brokerage or commission income earned by her threw company, then will company deduct the tds on that brokerage/commission or not & why?
Kindly please resolve the query
Thanks
Rishabh
Akash Barman
(Expert)
29 March 2014
No d sam wouldnt b deductd as submitng 15g certifies that u plgd dat ur incme is below slab incm
Akash Barman
(Expert)
29 March 2014
No d sam woudnt b deductd as submitng 15gcertifies that u plgd dat ur incme is below slab incm
29 March 2014
Kindly please confirm the provision or section or valid reason that tds will not be deduct.
regards
regards
Nikhil Kaushik
(Expert)
30 March 2014
have to disagree with Akash/.
Rishabh - Form 15G/H are not applicable to commission income. Please refer Section 197A(IC)
Form 15G/H is applicable for only the following sources of income:
Dividend income from shares
Interest on securities like fixed deposits, bonds
Interest on any loan given to any person
Income in respect of units of mutual fund
Withdrawals from National Savings Scheme
Rishabh - Form 15G/H are not applicable to commission income. Please refer Section 197A(IC)
Form 15G/H is applicable for only the following sources of income:
Dividend income from shares
Interest on securities like fixed deposits, bonds
Interest on any loan given to any person
Income in respect of units of mutual fund
Withdrawals from National Savings Scheme
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