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of <h1>Payer of life insurance proceeds must deduct 2% TDS on income component unless annual payments < ?100,000 (sec 10(10D))</h1> Any person paying a resident under a life insurance policy, including bonuses but excluding amounts exempt under clause (10D) of section 10, must deduct tax at source at two per cent of the income component at the time of payment. No deduction is required if the single payment or the aggregate payments to the payee in the financial year are less than one hundred thousand rupees.
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