Deduction of tax at source on insurance commission requires payers to deduct and remit tax when paying resident individuals. Section 194D requires deduction of tax at source on payments of insurance commission to resident individuals at prescribed rates, with deduction made at the time of credit or payment; payments to non-residents fall under separate non-resident provisions. Recipients may obtain certificates for lower or nil deduction; deducted tax must be rounded to the nearest rupee, remitted to the Government within one week, and a certificate of deduction issued to the payee. Forms and detailed rules are to be prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction of tax at source on insurance commission requires payers to deduct and remit tax when paying resident individuals.
Section 194D requires deduction of tax at source on payments of insurance commission to resident individuals at prescribed rates, with deduction made at the time of credit or payment; payments to non-residents fall under separate non-resident provisions. Recipients may obtain certificates for lower or nil deduction; deducted tax must be rounded to the nearest rupee, remitted to the Government within one week, and a certificate of deduction issued to the payee. Forms and detailed rules are to be prescribed.
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