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What is the rate of TDS applicable on brokerage under Section 194H of Income Tax Act 1961 for Assessment Year 2018-19 ?

What is the rate of TDS applicable on brokerage under Section 194H of Income Tax Act 1961 for Assessment Year 2018-19 ? Correct Answer 5%

Section 194H deals with TDS deduction on the payment of commission or brokerage. It mandates tax deduction by the person (other than individual/HUF) responsible for paying commission or brokerage to the resident person at the rate of 5% when the amount exceeds Rs.15000 in a year.

Additional Information

  • Rate of TDS u/s 194H  to be deducted @ 3.75% from 14th May 2020 to 31st March 2021, at a reduced rate as per the relief announced by the Finance Minister due to the Coronavirus pandemic.
  • Therefore in the above question option no. 1 i.e. TDS, @5% is correct

Related Questions

Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Which two of the following are correct about TDS Certificates? a) TDS on non-salary payment - Form 16 b) TDS on salary payment - Form 16 A c) TDS on sale of property - Form 16 B d) TDS on rent - Form 16 C Choose the correct option from those given below 
Which two of the following are correct about TDS Certificates?
1. TDS on non-salary payment - Form 16
2. TDS on salary payment - Form 16 A
3. TDS on sale of property - Form 16 B
4. TDS on rent - Form 16 C
Choose the correct option from those given below:
What is the rate of TDS applicable for Assessment Year 2020-21 on payment of rent by an individual in excess of Rs. 50,000 per month under Section 194IB of Income Tax Act 1961?
What is the rate of TDS applicable on winning from lotteries under Section 194B of Income Tax Act 1961 for 6 Assessment Year 2018-19 ?
What is the rate of TDS applicable on payment of Legal and Professional charges under Section 194J of Income Tax Act 1961 for Assessment Year 2018-19 ?
What is the rate of TDS applicable on interest on securities under Section 193 of Income Tax Act 1961 for Assessment Year 2018-19 ?
What is the maximum limit available on which NO TDS is required to be deducted in respect of premature withdrawal fom EPF under Section 192A of Income Tax Act 1961 for Assessment Year 2018-19?
What is the maximum limit available in respect of dividend under section 194 of the Income Tax Act, 1961, for the assessment year 2018-19 on which no TDS is required to be deducted?
What is the maximum limit available on which NO TDS is required to be deducted in respect of winning from Horse races under Section 194BB of Income Tax Act 1961 for Assessment Year 2018-19 ?