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of <h1>Income Tax Deduction Required on Insurance Commissions Under Section 194D; Applies to Payments Made After June 1, 1973.</h1> Section 194D of the Income-tax Act, introduced by the Finance Act, 1973, mandates that any person responsible for paying a resident income as remuneration or reward for soliciting or procuring insurance business must deduct income tax at the applicable rates. This applies to payments made by commission or other means, including for the continuation, renewal, or revival of insurance policies. The tax deduction must occur at the time of crediting the income to the payee's account or upon payment by cash, cheque, draft, or other methods, whichever is earlier. No deductions apply to income credited or paid before June 1, 1973.
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