Tax deduction on commission and brokerage applies at credit or payment, subject to payment category, threshold and deductor status. Tax deduction at source applies to insurance commission exceeding Rs.20,000, with deduction by any person at rates in force at the earlier of credit or ... Summary
Tax deduction on commission and brokerage applies at credit or payment, subject to payment category, threshold and deductor status.
Tax deduction at source applies to insurance commission exceeding Rs.20,000, with deduction by any person at rates in force at the earlier of credit or payment. Rates in force are the TDS rates fixed by the annual Finance Act for the relevant tax year. Commission or brokerage other than insurance commission exceeding Rs.20,000 is subject to deduction at 2% by a specified person, also at the earlier of credit or payment. An identified exception permits no tax deduction in specified circumstances.
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