I am a retired CA. My current income is within Rs 10 Lakhs per annum. I am selling of a flat. I have to pay 2% brokerage to an agent amounting to Rs 1,80,000. Do I have to deduct TDS from this payment?
Hari Shankar dasgupta (Accounts Manager) (39 Points)
25 April 2022I am a retired CA. My current income is within Rs 10 Lakhs per annum. I am selling of a flat. I have to pay 2% brokerage to an agent amounting to Rs 1,80,000. Do I have to deduct TDS from this payment?
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 25 April 2022
Hari Shankar dasgupta
(Accounts Manager)
(39 Points)
Replied 25 April 2022
Thanks. That's helpful and one less for me.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 25 April 2022
TDS provision not applicable for you hence no need to deduct any tds at brokerage.
CA Puja Sharma
(Chartered Accountant)
(4894 Points)
Replied 25 April 2022
Not required to deduct TDS is you were not liable to tax audit in the previous FY.
Hari Shankar dasgupta
(Accounts Manager)
(39 Points)
Replied 26 April 2022
Now I am confused. Do I or do I not deduct TDS?
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 26 April 2022
CA Puja Sharma
(Chartered Accountant)
(4894 Points)
Replied 26 April 2022
| Originally posted by : sabyasachi mukherjee | ||
 |
Here tax audit cases do not apply. |  |
The audit case is relevant here.
If the retired CA was liable for audit in the previous FY, he is liable to deduct TDS while paying the brokerage in the current FY.
When advising a query, it's better to give all the reasons for your answer.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 26 April 2022
| Originally posted by : Hari Shankar dasgupta | ||
|
Now I am confused. Do I or do I not deduct TDS? | |
Don't be confused. you are not liable to TDS at all.
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 26 April 2022
CAclubindia
