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of <h1>Tax Deduction Rates for Insurance Commissions Unchanged u/s 194D for FY 1990-91; Compliance Rules Highlighted.</h1> The circular outlines the tax deduction rates under section 194D of the Income-tax Act, 1961, for insurance commissions during the financial year 1990-91. The rates remain unchanged from the previous year: 10% for resident individuals and 21.5% for domestic companies. Non-resident individuals and foreign companies face higher rates of 30% and 65%, respectively. A surcharge of 8% applies to both resident individuals and domestic companies. Tax deductions are mandatory for payments exceeding Rs. 5,000, with specific provisions for non-residents. Compliance with certificate issuance, quoting TAN, and timely tax payments is emphasized, with penalties for non-compliance.
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