Deduction of tax at source on insurance commission: prescribed rates and procedural obligations for withholding and remittance. Deduction of tax at source applies to income by way of insurance commission; prescribed withholding rates differ for residents (persons other than companies and domestic companies) and are higher under section 195 for non-residents and non-domestic companies. Deduction is made at credit or payment, whichever is earlier, remitted to the Central Government within specified periods, paid on designated challans with surcharge shown separately, and rounded to the nearest rupee. No adjustment for prior debits in an agent's account is allowed. Recipients may seek Form No.13D certificates; payers must issue Form No.19D and file Forms No.26D, 26E and 26F as required.
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Provisions expressly mentioned in the judgment/order text.
Deduction of tax at source on insurance commission: prescribed rates and procedural obligations for withholding and remittance.
Deduction of tax at source applies to income by way of insurance commission; prescribed withholding rates differ for residents (persons other than companies and domestic companies) and are higher under section 195 for non-residents and non-domestic companies. Deduction is made at credit or payment, whichever is earlier, remitted to the Central Government within specified periods, paid on designated challans with surcharge shown separately, and rounded to the nearest rupee. No adjustment for prior debits in an agent's account is allowed. Recipients may seek Form No.13D certificates; payers must issue Form No.19D and file Forms No.26D, 26E and 26F as required.
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