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?
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TDS ON BROKERAGE PAYMENT
Replies (10)
Not liable to deduct tax on brokerage.
Reason : Few Tds provisions applicable to tax audit cases only
Reason : Few Tds provisions applicable to tax audit cases only
Thanks. That's helpful and one less for me.
TDS provision not applicable for you hence no need to deduct any tds at brokerage.
Not required to deduct TDS is you were not liable to tax audit in the previous FY.
Here tax audit cases does not apply.
Now I am confused. Do I or do I not deduct TDS?
Not required to deduct Tds . You must have TAN if you want to deduct Tds
| 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.
| 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.
For non audit cases , 194IA , 194IB only applicable..Many Tds provisions applicable for tax audit cases only
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