Tax deduction at source on insurance commission: payer must withhold, remit, and comply with prescribed forms and challans Deduction of tax at source applies to income by way of insurance commission and must be made at the time of credit or payment, with remittance to the Central Government within prescribed periods or within an extended interval when commission is credited as at the payer's accounts-closing date. Payers must use specified coloured challans for companies and non-companies, show surcharge separately, round the tax to the nearest rupee, cannot adjust for prior excess commission debits, issue deduction certificates to payees, and file quarterly and annual statements and returns in the prescribed forms; recipients (other than companies) may seek a certificate authorising lower or no deduction.
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Tax deduction at source on insurance commission: payer must withhold, remit, and comply with prescribed forms and challans
Deduction of tax at source applies to income by way of insurance commission and must be made at the time of credit or payment, with remittance to the Central Government within prescribed periods or within an extended interval when commission is credited as at the payer's accounts-closing date. Payers must use specified coloured challans for companies and non-companies, show surcharge separately, round the tax to the nearest rupee, cannot adjust for prior excess commission debits, issue deduction certificates to payees, and file quarterly and annual statements and returns in the prescribed forms; recipients (other than companies) may seek a certificate authorising lower or no deduction.
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