TDs

[Poonam Vaishnav]

Hello members,

 

 

                          One of my client doing business of Commision & Brockrage. They are monthly deduct TDS and pay it immidiate after that month. Now my quary is

 

1, They can deduct TDS in a single time at the end of year...?

2, If yes any quarterly return is neccesury to fill...?

 

 

Thanks

 

[raji agg]

Hi Poonam Vaishnav,

I uderstand from your query that your client is doing busines and he
is paying commission and brokerage.

In this case your client is required to deduct TDS at the rate of 10%,
if the commission or brokerage paid is Rs 2500 or more in one year.
TDS isrequired to be deducted by an idividual or HUF also if their
turnover exceeds Rs 40 lacs in one year.

Normally the TDS on commission is required to be paid within seven
days of the end of the month in which it is deducted.

Reply to query One: No. Your client will have to deduct TDS as may
times as he pays commission and deposit TDS as explained above.

REply to query 2: Yes it is necessary to file quarterly return.

bye

raji agg

[T V SUBRAMANYA BHAT]

Ans 1: No. The taxes are to be deducted every month once the monetary
ceiling stipulated in Section 194H is exceeded and remitted on or
before 7th day of succeding month.
If the commission or brokerage is credited to the account of payee the
TDS can be paid within 2 months from the end of the month in which
the same is credited.
Ans 2: the answer is in answer no. 1