13 January 2011
There is one circular on 194H (Brokerage) Please let me know the no., year of the circular stating that the broker making further payment of brokerage to another broker (i.e. Sub-Brokerage) is not liable for TDS u/s. 194H
13 January 2011
I don't think there is any such circular.
As per Sec. 194H , commission or brokerage includes any payment received or receivable, directly or indirectly, by a person acting on behalf of another person for services rendered (not being professional services) or for any services in the course of buying or selling of goods or in relation to any transaction relating to any asset, valuable article or thing, not being securities. Hence tds is to be deductable @ 10%. if the amount paid in a year is more than Rs. 2500/- (Now,5000/-)