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of <h1>Income Tax Deduction on Insurance Commissions: Section 194D Update with 5% Surcharge Effective from December 16, 1987.</h1> The circular addresses the deduction of income tax at source under Section 194D of the Income-tax Act, 1961, specifically concerning insurance commissions for the financial year 1987-88. It informs insurance companies about an amendment to the Finance Act, 1987, which introduces a 5% surcharge on the computed income tax, effective from December 16, 1987. The circular advises that this change should be communicated to relevant parties and offers guidance for further assistance through the Income-tax Department's officers.
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