TDS needs to be deducted on the Payment of Commission or Brokerage @ 5% if the amount exceeds Rs. 15,000 u/s 194H. Commission and Brokerage for the purpose of Section 194H shall be considered as payment made for services received in the course of:
- Buying or selling of goods
- Or in relation to any transaction connected to valuable articles, assets or things except securities.
e-TDS Return Form: Form 26Q needs to be filed by the Payer/ Deductor for that Quarter. And TDS needs to be deposited on or before the 7th of the next month via challan no. 281.
TDS shall be deducted at the time of:
- Crediting the sum to payee account or
- Actual payment of cash or
- Payment via cheque, draft or via any other source, Whichever is earlier.