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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>TDS Requirements for Insurance Commissions u/s 194D: Rates, Obligations, and Penalties for FY 1991-92.</h1> The circular outlines the tax deduction at source (TDS) requirements under Section 194D of the Income-tax Act, 1961, for insurance commissions during the financial year 1991-92. It specifies that the tax deduction rates remain unchanged from the previous year: 10% for non-corporate residents and 21.5% for domestic companies, with additional surcharges. It details the obligations of those responsible for deducting tax, including payment timelines, issuance of TDS certificates, obtaining a Tax Deduction Account Number (TAN), and filing annual returns. Penalties for non-compliance are also highlighted. The circular advises consulting the Income-tax Act for further clarification.
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