Deduction of tax at source clarified: withholding, remittance, and reporting obligations for insurance commission payments. Deduction under Section 194D applies to income by way of insurance commission, defined to include remuneration for soliciting or procuring insurance business; tax must be deducted when commission is credited or paid, remitted to Government within prescribed timeframes, shown on specified challans with surcharges separately, rounded as prescribed, and reported by issuers through prescribed certificates and periodic returns, while recipients may seek certificates authorising lower or no deduction.
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Provisions expressly mentioned in the judgment/order text.
Deduction of tax at source clarified: withholding, remittance, and reporting obligations for insurance commission payments.
Deduction under Section 194D applies to income by way of insurance commission, defined to include remuneration for soliciting or procuring insurance business; tax must be deducted when commission is credited or paid, remitted to Government within prescribed timeframes, shown on specified challans with surcharges separately, rounded as prescribed, and reported by issuers through prescribed certificates and periodic returns, while recipients may seek certificates authorising lower or no deduction.
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