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<h1>Section 194D: Tax Deduction at Source on Insurance Commissions Introduced in Income Tax Act, 1961 by Finance Act, 1973.</h1> The Finance Act of 1973 introduced Section 194D in the Income Tax Act, 1961, mandating tax deduction at source on income from remuneration or rewards, such as commissions, for soliciting or procuring insurance business. The Central Board of Direct Taxes (CBDT), in consultation with the Comptroller and Auditor General (C&AG) of India, decided to establish specific minor and sub-heads of accounts for these deductions under both corporation tax and taxes on income other than corporation tax. Additionally, necessary updates to accounting codes and forms, including ITNS 36 and ITNS 71, are being issued to reflect these changes.