Tax withholding threshold change lowers exemption limit for certain insurance commission payments, increasing withholding coverage nationwide. Amendment reduces the withholding-tax threshold under section 194D by substituting the previously higher exemption amount with a lower monetary threshold, thereby expanding the instances where tax must be deducted at source on insurance commission payments; the substitution takes effect from the specified effective date in 2016 as enacted by the relevant Finance Act.
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Provisions expressly mentioned in the judgment/order text.
Tax withholding threshold change lowers exemption limit for certain insurance commission payments, increasing withholding coverage nationwide.
Amendment reduces the withholding-tax threshold under section 194D by substituting the previously higher exemption amount with a lower monetary threshold, thereby expanding the instances where tax must be deducted at source on insurance commission payments; the substitution takes effect from the specified effective date in 2016 as enacted by the relevant Finance Act.
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