Brokerage income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2012 Hi,

I am working as a part time broker and generated an income of around 7 lacs. Deductions of 10% under 194H of Income Tax act is made and paid to Income Tax Department. WIll the balance of 6.3 lacs attract a normal Taxation rule. Per 194H and 44AB, it looks to me that i will not have to pay any other tax. Please help me in understanding taxation rules in such a suitation. Thanking you in advance.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

20 March 2012 iF U HAVE INCURRED SOME EXP IN EARNING THIS COMMISSION THAN THAT WILL BE DEDUCTED AND BALANCE WILL BE TAXED AT THE SLAB RATES
THE SUM DEDUCTED IS TDS NOT TAX PAYABLE BY U
U WILL HAVE TO FILE RETURN ALSO
CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2012 Thanks Mr Gupta.

After performing the tax calculation, i am still required to pay more taxes. I wanted to know which challen no to choose (ITNS 280 or ITNS 281). If ITNS 280 then what is the nature of payment (is is Advance Tax, Self Assessment tax, tax on regular assessment) and if ITNS 281 then what is the nature of payment.

Upgrade to CAclubindia Pro. Subscribe Now!

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

27 March 2012 USE ITNS 280
NATURE OF PAYMENT WILL B ADVANCE TAX IF U R PAYING TAX FOR FIN YERA 2011-12 BEFORE 31 MARCH 2012 ELSE SELF ASSESSMENT TAX