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of <h1>Tax Deduction Rates for Insurance Commissions u/s 194D: Key Details for Financial Year 1988-89.</h1> The circular outlines the tax deduction rates under Section 194D of the Income-tax Act, 1961, for insurance commissions during the financial year 1988-89. For residents, the deduction rate is 10% for individuals and 21.5% for domestic companies. Non-residents face a 30% deduction, while foreign companies are subject to 65%. A 5% surcharge applies to both resident individuals and domestic companies. No tax deduction is required for commissions below Rs. 5,000, except for non-residents. Compliance with Tax Deduction Account Number (TAN) requirements is mandatory, with penalties for non-compliance. Failure to remit deducted taxes results in severe penalties, including imprisonment.
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