09 June 2012
CAN ANY EXPERT GIVE ME ANY IDEA ABOUTS WHTS D LIMIT OF INCOME AMOUNT FOR COMMISION AGENTS OBOVE WHICH ONLY T.D.S. WILL BE DEDUCTED FRPM THEIR INCOME.
I HEARS ITS A ABOVE RS 1,60,000. WHETHER ITS CORRECT OR NOT.
PLZ GIVE ME ANSWER SINCE I HAVE MANY CLIENTS OF LOWER INCOME GROUP WHICH MAY BE LOST DUE TO THIS PROVISONS.....?
09 June 2012
Tax is to be deducted at source at the time of payment or credit whichever is earlier.
Ø Tax has to be deducted @10% w.e.f. 1-6-2007.
Ø There is no requirement of deduction of tax at source as per Indian Income Tax Act if the aggregate amounts of commission or brokerage paid/credited or likely to be paid/credited during the financial year to the payee does not exceed Rs.5000/-.
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