Under the Income Tax Act, the 'TDS' on payment of commission or brokerage exceeding ₹15,000 in a financial year is governed by which section, and what is the rate?
Explanation:
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.
Explanation:
In a hybrid system, revenues might be recorded on a cash basis while expenses are recorded on an accrual basis, often used by certain professionals.
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