SIR...DO WE HAVE TO DEDUCT TDS ON COMMISSION PAID TO AGENTS ON SALE OF PROPERTY
5 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14870 Points)
Replied 25 October 2020
Please refer Section 194 H of the Income Tax act 1961
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 25 October 2020
Yes, You must deduct TDS under section 194H if commission paid to above threshold limit
Navneet Prakash
(Proprietor)
(38 Points)
Replied 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%.
123456
(Accountant)
(92 Points)
Replied 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.
Navneet Prakash
(Proprietor)
(38 Points)
Replied 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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