TDS on commission and brokerage reduced; individuals and HUFs must deduct if turnover exceeds audit thresholds. The amendment lowers the statutory TDS rate for commission and brokerage and adds that individuals and Hindu undivided families whose total sales, gross receipts or turnover in the immediately preceding financial year exceed the monetary limits specified for tax audit shall be liable to deduct income-tax on such commission or brokerage.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
TDS on commission and brokerage reduced; individuals and HUFs must deduct if turnover exceeds audit thresholds.
The amendment lowers the statutory TDS rate for commission and brokerage and adds that individuals and Hindu undivided families whose total sales, gross receipts or turnover in the immediately preceding financial year exceed the monetary limits specified for tax audit shall be liable to deduct income-tax on such commission or brokerage.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.