Section 194H - TDS on Commission (other than Insurance Commission) or Brokerage

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....eing insurance commission u/s 194D) or brokerage shall deduct income tax thereon. Deductee - Any resident Time of Deduction - At the time of credit or payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier. Rate of TDS - * 2% [ Substituted vide Finance (No. 2) Act, 2024 w.e.f. 01.10.2024 ] * 5%. [ Upto 30.09.2024 ] ....

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....relation to any transaction relating to any asset, valuable article or thing, not being securities; "Professional services" means services rendered by a person in the course of carrying on a legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or such other profession as is notified by the Board for the purposes ....

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....ction 194H. Important Circular, Notification & Instruction * Tax should be deducted at source under section 194H on amount available to travel agents being difference between airfare fixed by Airlines and price at which agents are enabled to sell tickets. [ Letter F.No. 275/70/2009-IT(B), dated 22-12-2009 ] * No TDS is required to be deducted by BSNL or MTNL on commission or brokera....

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....p;made by any 'payer' to a person being a Unit of International Financial Services Centre (hereinafter referred to as 'payee'), in respect of following services  * If, IFSC is Banking Unit  * Referral fee  * Brokerage income * Commission income on factoring and forfaiting services * If IFSC unit is Finance Company or Finance Unit  * Commission....