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IT / TDS

Tax Guide

RENAMED

What is TDS code 1032 — commission and brokerage?

Key mapping

Code 1032 covers commission or brokerage payments. Rate: 2%. Threshold: ₹15,000 per year.

Explanation

Under IT Act 2025 §393, Code 1032 replaces Section 194H. It applies to commissions and brokerage paid to agents. The rate reduced from 5% (pre-October 2024) to 2% and continues at 2% under the new Act. Threshold is ₹15,000 per year. Insurance commission paid by the insurer to its agents is excluded (it falls under a different provision).

Related terms and sections

1032commissionbrokerage2 percent194Hsection 393TDS

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File My ITR →Tax Calculator →

Related sections

IT Act 2025 Section Mapper →All IT Act changes →

All section references are sourced from the Income Tax Act 2025 (official gazette, incometaxindia.gov.in) and cross-referenced against CBDT's comparative statement. Always verify on the official portal before filing. This page is for reference only and does not constitute legal or tax advice.