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of <h1>Govt Circular Instructs Insurance Companies on Tax Deduction from Commissions, Retaining 1976-77 Rates u/s 194D.</h1> The circular issued by the Department of Revenue & Banking, Government of India, addresses all insurance companies regarding the deduction of income tax at source from insurance commissions under Section 194D of the Income-tax Act, 1961, for the financial year 1977-78. It states that the Finance Bill, 1977, maintains the same tax deduction rates as the previous year, 1976-77, as outlined in the Finance Act, 1976. The circular instructs insurance companies to continue deducting tax at these rates and advises consulting the concerned Income-tax Officer in case of any doubts.
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