Tds on commission received from lic

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2012 I received Rs 9500/- agent commission from LIC in last year 2011-12. Can Tds is deductable from my agent commission ?

CS GURVINDER SINGH

CS GURVINDER SINGH (Expert)
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09 May 2012 Insurance Commission limit is increased from Rs. 5000/- to Rs. 20000/- from 01.07.2010, so no TDS is required to be deducted.

if no PAN is provided then TDS to be deducted at high rate of 20%

However if tds is already errorneously deducted, then take Form 16A from the Company and claim TDS in ITR

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2012 Thanks sir

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