Sravan Reddy G (CA) (618 Points)
03 June 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171414 Points)
Replied 03 June 2018
The Provisions of Section-194 D towards Tax Deducted At Source (TDS) From Insurance Commission [ Section 194D] are given below---
|
Who is the taxpayer |
Any person paying Insurance Commission |
|
Who is the recipient |
A resident person |
|
Payment covered |
Insurance Commission |
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171414 Points)
Replied 03 June 2018
Section 194H focuses on income tax levied on any income by means of brokerage or commission, by any individual who is accountable for paying any amount pertaining to the said nature to a resident, if such income exceeds Rs. 15000. Therefore, any person who is responsible for paying any amount in nature of commission or brokerage to a resident shall deduct tax on behalf of the other and remit the same to the government on his behalf.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171414 Points)
Replied 03 June 2018
Commission, etc., on the sale of lottery tickets.U/s. 194G.
(1) Any person who is responsible for paying, to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize (by whatever name called) on such tickets in an amount exceeding 54[fifteen] thousand rupees shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of 55[five] per cent.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
