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of <h1>Insurance Companies Must Adhere to Section 194D Tax Deduction Guidelines for 1980-81: Key Procedures and Rates Explained.</h1> The circular issued by the Director to all insurance companies outlines the tax deduction requirements under Section 194D of the Income-tax Act, 1961, for the financial year 1980-81. It specifies the rates for tax deduction from insurance commissions, distinguishing between domestic and non-domestic entities. The document details procedures for tax deduction, payment, and reporting, including the issuance of certificates and submission of forms to the Income Tax Officer. It emphasizes the correct use of challan forms for tax payments and provides guidelines for rounding off tax amounts. The circular also addresses the process for obtaining certificates for adjusted tax deduction rates.
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