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of <h1>Income Tax Deduction on Insurance Commissions: Section 194D Introduced by Finance Act, 1973; 10% for Residents, 34.5% for Non-Residents.</h1> The Finance Act, 1973 introduced section 194D, mandating the deduction of income tax at source from insurance commissions paid to resident individuals. The tax rate for the financial year 1973-74 is set at 10% without surcharge. For non-resident individuals, tax is deducted under section 195 at 34.5%. Deductions apply to payments made after May 31, 1973. Recipients can apply for a lower deduction rate. Tax deducted must be paid to the government within a week, and payers must issue certificates detailing payments and deductions. Forms and procedures are governed by the Income-tax Rules.
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