I am a retired CA. My current income is within Rs 10 Lakhs per annum. I am selling of a flat. I have to pay 2% brokerage to an agent amounting to Rs 1,80,000. Do I have to deduct TDS from this payment?
10 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 25 April 2022
Not liable to deduct tax on brokerage.
Reason : Few Tds provisions applicable to tax audit cases only
Reason : Few Tds provisions applicable to tax audit cases only
Hari Shankar dasgupta
(Accounts Manager)
(39 Points)
Replied 25 April 2022
Thanks. That's helpful and one less for me.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 25 April 2022
TDS provision not applicable for you hence no need to deduct any tds at brokerage.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 25 April 2022
Not required to deduct TDS is you were not liable to tax audit in the previous FY.
Hari Shankar dasgupta
(Accounts Manager)
(39 Points)
Replied 26 April 2022
Now I am confused. Do I or do I not deduct TDS?
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 26 April 2022
Not required to deduct Tds . You must have TAN if you want to deduct Tds
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 26 April 2022
| Originally posted by : sabyasachi mukherjee | ||
 |
Here tax audit cases do not apply. |  |
The audit case is relevant here.
If the retired CA was liable for audit in the previous FY, he is liable to deduct TDS while paying the brokerage in the current FY.
When advising a query, it's better to give all the reasons for your answer.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 26 April 2022
| Originally posted by : Hari Shankar dasgupta | ||
|
Now I am confused. Do I or do I not deduct TDS? | |
Don't be confused. you are not liable to TDS at all.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 26 April 2022
For non audit cases , 194IA , 194IB only applicable..Many Tds provisions applicable for tax audit cases only
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
