Independent Contractor Commission Contract this agreement entered into force on the date of ,. However, the terms of the agreement can vary greatly depending on what both parties had agreed in their original agreement. During the term of this agreement, the agent must follow the best interests of the seller with the highest priority. In fact, I wanted to know about the income tax on the intermediation of real estate agents/brokers, assuming that an agent sold a property from XYZ.owner for 2 crore and he orally agreed with the owner for 1% commission as a real estate agent, so how will the owner pay the brokerage?will he deduct TDS.and then pay by check to the real estate agent? And what is the percentage of TDS.to to be deducted from the broker`s amount? Is it refundable?and what percentage or percentage of income tax must be paid on the amount collected according to TDS.
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