Which ITR is applicable for 194H?

ITR-4
Q- Which ITR should be filed for income received from commission 194H? Ans- ITR-4 is required to be filed if the commission income is the main source of your income.

What is the limit to deduct TDS u/s 194H?

₹ 15,000
Under Section 194H, the threshold limit for TDS deduction for commission/brokerage is ₹ 15,000 .

Under what circumstances TDS u/s 194H is not deductible?

5) Under what circumstances TDS u/s 194H is not deductible? No deduction shall be made under this section in a case where the amount or the aggregate amounts of such income to be credited or paid during the financial year does not exceed INR 15,000.

How is TDS calculated on brokerage?

Therefore, TDS should be deducted @ 10% on the total amount inclusive of Service Tax (if any). The TDS deducted under Section 194H is required to be deposited by with the Govt. before the due date of payment of TDS by the person who has deducted the TDS.

What is Section 194H?

Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS.

What is Section 194D of income tax Act?

Section 194D basically covers TDS on insurance commission. Any payments made by way of : any remuneration/reward in the form of commission or otherwise , For procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance) .

Can commission be paid in cash?

Section 194H of the Income Tax Act underlines the provision for a tax deduction on earnings as the commission or brokerage by a resident individual. The TDS should be deducted at the time of payment in cash or by cheque or draft. …

What does Section 194H of the Income Tax Act mean?

Section 194H of the Income Tax Act underlines the provision for a tax deduction on earnings as the commission or brokerage by a resident individual.

What is the TDs on commission in SEC 194H?

TDS on Commission (Sec 194H) Section 194H of the Income Tax Act, 1961, is basically concerned with the income tax that is in turn levied on the income which has been earned by means of commission or brokerage. Persona and Hindu Undivided Family (HUF) are obligated to this.

Who is required to pay commission under Section 194?

Any individual who is accountable for paying to a resident, commission (which is not insurance), that is, commission under section 194-D or brokerage is needed for tax levied on any income by means of brokerage or commission, by any individual accountable for paying to a resident.

When does Section 194H apply to Hindu Undivided Family?

In case of Individual / Hindu Undivided Family (HUF) provisions of section 194H applies only if the total sales / gross receipts or turnover exceeds the monetary limit specified under section 44AB (a) or (b).