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TDs in Agents commission

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Accountant
92 Points Posted on 25 October 2020

SIR...DO WE HAVE TO DEDUCT TDS ON COMMISSION PAID TO AGENTS ON SALE OF PROPERTY

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On 25 October 2020 at 20:23 Report
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GST Practitioner & Accounts
15093 Points Posted on 25 October 2020

Please  refer  Section  194 H  of the   Income  Tax act  1961 

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On 25 October 2020 at 21:48
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Accountant
3662 Points Posted on 25 October 2020
Yes, You must deduct TDS under section 194H if commission paid to above threshold limit
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On 25 October 2020 at 23:31
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Proprietor
38 Points Posted on 25 October 2020
If you are in the business of sale and purchase of property and in the ordinary course of business you have paid the said commission to the agent,then you are mandatorily required to deduct tax on the commission amount u/s 194H @ 5%.
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On 25 October 2020 at 23:55
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Accountant
92 Points Posted on 26 October 2020

Sir ..I m selling my property first time and its not my business. i promised to pay 1% commission on sale value.commission coming to 2,70,0000

Property value 2.70cr

Is it necessary to deduct TDS on this amount or should i ignore and pay full.amount.

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On 26 October 2020 at 08:22
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Proprietor
38 Points Posted on 26 October 2020
Being an Individual and not having business covered under audit u/s 44AB you are not required to deduct tax.
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On 26 October 2020 at 10:19


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