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TDS on brokerage


Dalip Soni   27 January 2021

Dalip Soni

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please let me know if brokerage paid by an individual to an individual on services provided for sale of property is liable toTDS
Sourav

Sourav (Student)     27 January 2021

Sourav
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Yes tds will be deducted u/s 194H @ 10%
Dalip Soni

Dalip Soni   27 January 2021

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But as per the section 194H, if the person is an individual or HUF, then he is not such liable. please clarify
Sourav

Sourav (Student)     27 January 2021

Sourav
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Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident.
Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS. From FY 2020-21, individual and HUF whose turnover from business is above Rs 1 crore or gross recipts from profession are above Rs 50 lakh are also required to deduct TDS.
Dalip Soni

Dalip Soni   27 January 2021

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It is conditional, if the person or HUF having turnover more than 1crore by way of business or more than 50 lacs by way of profession, than only the section applies. Is it write sir?
Kapadia Pravin

Kapadia Pravin   27 January 2021

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IF brokerage services are in respect of business property and company is under tax audit then TDS is to be deducted. IF brokerage services outside business then no TDS is to be deducted.
Sourav

Sourav (Student)     27 January 2021

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Yes you are right dalip
Dalip Soni

Dalip Soni   28 January 2021

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Thanks sir
Ashok J

Ashok J (CA Final)     31 January 2021

Ashok J
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If it is your personal transaction - NO TDS

If it is your business transaction - first check what is the Amount of commission - If it is less than 15000 - No TDS. If it is more than 15000, check for FY 19-20 whether you were under tax audit. If yes, then deduct TDS @ 3.75%. If not, No TDS irrespective of amount paid in FY 20-21. 

Now TDS rates have been reduced till 31 March. 


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