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Section 194-H of the Income Tax Act, 1961 deals with the deduction of TDS from commission or brokerage income. As per Section 194-H, the TDS has to be deducted by any person who is paying commission or brokerage to any resident individual. Tax is levied on the commission or brokerage income exceeding INR 15,000.
Commission or brokerage means any payment received either directly or indirectly by any individual who is acting on behalf of any other person for:
Section 194-H applies on:
It is important to have a brief overview of this Section for a better understanding of section 194-H. Any individual who falls within the purview of Section 44-AB is also liable for TDS deduction under section 194-H. Section 44-AB is applicable to:
Section 194-H does not apply in the following cases:
TDS is required to be deducted under Section 194-H in the following events, whichever takes place earlier:
OR
The Due Date for deposit of TDS with the government is:
Nil TDS or lower TDS certificate is issued to an applicant to avail of the benefits of nil or a lower rate of TDS. This certificate is required to be furnished to the person who is deducting TDS while making the payment of commission or brokerage.
Read More: TDS Exemption Certificate.
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