Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 01 February 2023
Section 194H of IT act deals with TDS deduction on the payment of commission or brokerage.
It mandates tax deduction by the person (other than individual/HUF) responsible for paying commission or brokerage to resident persons at the rate of 5% when the amount exceeds Rs.15000 in a year.
sujin
(accounts executive)
(222 Points)
Replied 01 February 2023
Dibyendu Majumder
(142 Points)
Replied 01 February 2023
Then Deduct TDS U/S 195 as per applicable rate
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 01 February 2023
| Originally posted by : sujin | ||
 |
But it is the company not resident person |  |
Normally a ‘Person’ refers to an ‘Individual’, however under Income Tax, the person has broader meaning and coverage. For the purpose of charging Income-tax, the term ‘person’ has been defined under Section 2(31) of the Income Tax Act, 1961 to include Individuals, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any Artificial Juridical Person (AJP).
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 01 February 2023
CAclubindia
