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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
As per provisions of section 194H, any person, not being an individual or a Hindu undivided family (as specified), who is responsible for paying, on or after the 1st day of June, 2001, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of 5%.
2. It is proposed that TDS under section 194H of the Act be reduced from 5% to 2%.
3. The amendment will take effect from 1st day of October 2024.
[Clause 57]
Full Text:
TDS on commission and brokerage reduced, altering withholding obligations and the timing of deduction for non individual payors. Section 194H imposes TDS on persons other than individuals and HUFs for commission or brokerage (excluding insurance commission), requiring deduction at the time of credit or payment. The Finance Bill proposes a reduction in the TDS rate under section 194H, with the amendment to take effect from the stated commencement date, thereby modifying deductor withholding obligations for subsequent payments. of Press 'Enter' after typing page number.
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