THERE IS A COMMISSION INCOME TO A PERSON BUT IN 26AS TDS IS DEDUCTED UNDER SECTION 194IA. CAN WE MAKE PROFIT & LOSS ACCOUNT FOR THE SAME. IN 26AS AMOUNT OF COMMISSION IS LESS AS COMPARED TO BANK STATEMENT. SHOULD WE TAKE THE AMOUNT FROM BANK STATEMENT
7 Replies
Kamal Verma
(Financial advisor)
(582 Points)
Replied 21 August 2019
Section 194IA relates to TDS on immovable property. TDS on commision comes under section 194H in this case you can claim expenses incurred in earning commission by preparing profit and loss account.
Kapadia Pravin
(17259 Points)
Replied 21 August 2019
TDS deduction under 194 IA is not valid as correct is 194H. Try to get this rectified by asking to party who deducted TDS.
otherwise it will be difficult to claim TDS credit in RETURN.
Commission is business income so prepare BS and P&L and file ITR 3
If commission amount is more in 26AS you have consider that only. Bank statement figure you have to reconcile
otherwise it will be difficult to claim TDS credit in RETURN.
Commission is business income so prepare BS and P&L and file ITR 3
If commission amount is more in 26AS you have consider that only. Bank statement figure you have to reconcile
CA NEHA
(CA)
(48 Points)
Replied 21 August 2019
Not possible to rectify the section as 194H because the company was defaulter. What to do in that case.
Kapadia Pravin
(17259 Points)
Replied 21 August 2019
try to fill properly TDS schedule and write proper head of income under which commission income declared
CA NEHA
(CA)
(48 Points)
Replied 22 August 2019
Still not cleared.... As it is 194IA in 26AS , Can i show this as commision income and claim TDS ?
Whether there are any chance that notice will come for this default
Kapadia Pravin
(17259 Points)
Replied 24 August 2019
Yes show it as commission income and claim TDS. You are not at fault.
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