Dear Expert,
I have received an amount of rs13242 under section 194H with TDS amount of rs636 and while uploading the 26as file in ITR1 this amount is not showing as income. So is it not showing in ITR because it is under exemption limit or how is it?
So if it is mandatory to show this amount while filling the ITR then where i should show this amount or do i have to file ITR3 for this.
Early reply would be appreciated.
You can declare the income under Schedule OS...
Thanks for the reply...
Is it mandatory to declare because the amount is under the exemption limit.
If yes then will it sit under the others income category or the exemption category
There is basic exemption limit particularly for the income over which the TDS has been deducted u/s. sec. 194H.
As per my understanding the basic exemption limit is 15000 u/s 194H. Correct me if I'm wrong.
Although the commission amount was under the limit but the tds has been deducted.
So on that scenario what steps should be taken?
Should i consider it in others income category then it will again attract tax or as it is in below limit, there is no need to consider?
The exemption limit is for deduction of TDS, but it is not tax-free in the hands of receiver!!
Declare the income under IFOS, and claim TDS against total tax liabilities.
Thanks for the clarification..
You are welcome.
CAclubindia
