Sir,
Chairman of a Company for whom the commission payable on each quarter is provided in the books of accounts in each quarter. However, the actual payment is determined only at the year end and payment is effected after completing the financial accounts for that year end. So, my doubt is
1) Should the company provide TDS in each quarter on the commisson amount
(or)
2) Can it be paid on the total commission as on 31st March before 30th April ?
Hi,
I am an insurance,Real Estate agent & the consultant for car leasing, if my income exceeds more than 10 lakhs commission, do I have to charge ST to my commision payers? whom i get the commission?
Regards,
Darshan L
@ N.Shruthy
You are supposed to deduct tds every quarter as tds is provided on payment or accrual whichever is earlier. If you are providing it every quarter in your books then tds should be deducted then only even if payment is made at year end.
@ L Darsham
Yes , service tax should be charged if commission income exceeds 10 lakhs mark.
Agreed with CA Ruchi... for both the queries.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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