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HI MY ONE OF THE FRIEND IS A LIFE INSURANCE AGENT AND THIS YEAR HIS ANNUAL COMMISSION IS CROSSED OF RS 10LAC. MY QUESTION IS NO 1. CAN HE IS LIABLE TO GET HIS ACCOUNTS AUDITED 2 THE LIC OF INDIA IS DEDUCTING TDS @ 35% INSTEAD OF 10.330 % THE CORPORTION SAID SINCE HIS INCOME IS CROSSED RS 10LAC WE HAVE TO DEDUCTED TDS @ 35% IS IT RIGHT OR WROUNG PLEASE . THANKING YOU WITH REGARD |
TDS on commission should be deducted @ 11.33%
1) If commission is paid to a travel agent for which it is not sure that he will give us further business, should we deduct TDS.
2) The limit for TDS deduction on commission is on Individual client basis or total commission earned by a travel agent from all the clients.
Dear Abhinav,
Once commision exceeds Rs. 2500/- tds should be deducted.
Indivisual client basis.
HOW CAN BE CHARGE TDS ON INSURANCE COMMISION
WHAT IS THE ENTRY OF TDS PAID(INSURANCE COMMISION)
I M WORKING IN INSURANCE COMPANY
WHAT IS THE TRATMENT OF INSURANCE PREMIUM IN TALLY
& WHAT WILL BE DO ENTRY IN TALLY
Should we deduct TDS on commission paid to Travel Agent? What is the limit? What is rate?
In case Commission amount exceeds Rs. 10 Lacs, the TDS would be deductible @ 11.33%.
| Originally posted by :Guest | ||
| " | 1) If commission is paid to a travel agent for which it is not sure that he will give us further business, should we deduct TDS. 2) The limit for TDS deduction on commission is on Individual client basis or total commission earned by a travel agent from all the clients. |
" |
Sanath Sheshagiri & Co.
Bengaluru
CA Inter
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RoamPrime Technologies Private Limited
Bengaluru
CA
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CCI
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