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of <h1>Section 194D mandates tax deduction at source on insurance commission payments exceeding twenty thousand rupees annually</h1> Section 194D of the Income-tax Act, 1961 mandates tax deduction at source on insurance commission payments. Any person paying residents for insurance business solicitation, including policy renewals and revivals, must deduct income tax at applicable rates when crediting accounts or making payments. No deduction applies to income credited before June 1, 1973, or when annual payments to a payee don't exceed twenty thousand rupees. The provision has been amended multiple times, with threshold amounts increasing from five thousand to twenty thousand rupees through various Finance Acts.
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