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TDS on NCDEX / NBOT brokerage

This query is : Resolved 
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(Querist)
27 February 2010 My question here is whether TDS liability arise on Brokerage paid for NCDEX trading and NBOT trading under Sec 194 H , as it exempt brokerage On securities ?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
27 February 2010 TDS liable as commodities trading not included in the defination of securities as per Section 194H
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CA Robin Betala

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CA Robin Betala (Querist)
02 March 2010 But I havent seen any broker whoes TDS deducted on NCDEX trading.

Are client following wrong income tax procedure?
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Kishanlal Paliwal

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Kishanlal Paliwal (Expert)
03 March 2010 Brokerage for the transaction in NCDEX and NBOT are liablie to TDS considering the same as income under the head "Brokerage and Commission".

The trading activities in NCDEX/NBOT are covered under the head "Income from Business".

The provissions of Income Tax are applicable accordingly.
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