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of <h1>Income Tax Deduction Guidelines for Insurance Commissions u/s 194D for FY 1979-80 Explained.</h1> The circular addresses the deduction of income tax at source under Section 194D of the Income-tax Act, 1961, specifically for insurance commissions during the financial year 1979-80. It outlines the applicable tax rates for residents and non-residents, including companies, and specifies procedures for tax deduction, payment, and reporting. The document defines 'insurance commission' and details the timing for tax deductions and remittances to the government. It provides guidance on obtaining certificates to adjust deduction rates and mandates the issuance of certificates and statements regarding deducted taxes. The circular instructs insurance companies to adhere to these guidelines and consult the Income-tax Officer for clarification.
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