Tds

Manish (Querist) 17 December 2013 This query is : Resolved
What is TDS. who can deduct.
Suppose i Got 1CR as brokerage or Lottery ticket and i have to share it with 5 persons.
how will tds plays its role

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BAALASUBRAMANNYAMM (Expert) 17 December 2013
Better to contact a CA(Chartered Account) who will clarify your doubt suitably , better than legal experts.

R.K Nanda (Expert) 17 December 2013
consult tax lawyer.

Guest (Expert) 17 December 2013
You may or may not share the income with five or hundreds of other persons, if that in your name, paid to you, that will be taxable and the tax would be liable to be deducted at source as per the rates applicable to individual taxpayer for his income.

C. P. CHUGH (Expert) 17 December 2013
Person Paying you a sum in excess of
Rs. 10000.00 as brokerage is obliged to deduct tax at source @ 10% of amount paid whereas a person paying you any amount as winning from lottery is obliged to deduct @ 30% of the amount paid. Post deduction of tax at source, you are at liberty to share it with any number of persons. Receipts by such persons are subject to various provisions of law.

Devajyoti Barman (Expert) 19 December 2013
agree with expert above.

V R SHROFF (Expert) 19 December 2013
TAX DEDUCTION AT SOURSE TDS

INCOME IS IN COMMING IN UR POCKET

SHARED WITH ALL, THEY WILL PAY
U WILL PAY OUT OF WHAT COME IN UR POCKET : IN COME & TAX ON NETT ONLY.

T. Kalaiselvan, Advocate (Expert) 21 December 2013
I go with the experts opinion.

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