bishan singh negi (service) (104 Points)
09 April 2008
|
HI MY ONE OF THE FRIEND IS A LIFE INSURANCE AGENT AND THIS YEAR HIS ANNUAL COMMISSION IS CROSSED OF RS 10LAC. MY QUESTION IS NO 1. CAN HE IS LIABLE TO GET HIS ACCOUNTS AUDITED 2 THE LIC OF INDIA IS DEDUCTING TDS @ 35% INSTEAD OF 10.330 % THE CORPORTION SAID SINCE HIS INCOME IS CROSSED RS 10LAC WE HAVE TO DEDUCTED TDS @ 35% IS IT RIGHT OR WROUNG PLEASE . THANKING YOU WITH REGARD |
Shyam Lal Naik
(Service)
(6156 Points)
Replied 09 April 2008
Amit Sharma
(article)
(2677 Points)
Replied 09 April 2008
TDS on commission should be deducted @ 11.33%
Shyam Lal Naik
(Service)
(6156 Points)
Replied 19 May 2008
Dear Abhinav,
Once commision exceeds Rs. 2500/- tds should be deducted.
Indivisual client basis.
CA. Gurdeep Singh Chawla
(C A)
(7080 Points)
Replied 19 May 2008
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 03 July 2008
In case Commission amount exceeds Rs. 10 Lacs, the TDS would be deductible @ 11.33%.
| Originally posted by :Guest | ||
| " | 1) If commission is paid to a travel agent for which it is not sure that he will give us further business, should we deduct TDS. 2) The limit for TDS deduction on commission is on Individual client basis or total commission earned by a travel agent from all the clients. |
" |
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