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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>New Guidelines for Insurance Companies on Tax Deduction at Source u/s 194D for FY 1976-77.</h1> The circular from the Department of Revenue & Banking outlines the requirements for deducting income tax at source under Section 194D of the Income-tax Act, 1961, for the financial year 1976-77. It mandates insurance companies to deduct tax from insurance commission payments to residents and non-residents at specified rates. The circular details the procedures for deduction, payment, and reporting of tax, including issuing certificates and submitting statements to the Income-tax Officer. It also allows recipients to request lower tax rates or exemptions and emphasizes compliance with these guidelines.