Tax deduction on commission and brokerage is structured through distinct payer categories, rates, thresholds, and timing requirements. Section 393(1) requires TDS on insurance commission at rates in force and on non-insurance commission or brokerage at 2% when paid by a specified person, ... Summary
Tax deduction on commission and brokerage is structured through distinct payer categories, rates, thresholds, and timing requirements.
Section 393(1) requires TDS on insurance commission at rates in force and on non-insurance commission or brokerage at 2% when paid by a specified person, subject to a threshold of Rs.20,000. Insurance-related remuneration includes payments for soliciting, procuring, continuing, renewing or reviving insurance policies. "Rates in force" are the rates fixed by the annual Finance Act for the relevant tax year. Deduction for both payment categories arises at the earlier of credit or payment, subject to the stated exception from deduction.
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