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of <h1>Finance Act 1991: Section 194H mandates 10% tax deduction on commissions, with exemptions and penalties for non-compliance.</h1> The Finance Act of 1991 introduced Section 194H in the Income-tax Act, mandating a 10% tax deduction at source on commission or brokerage payments, excluding insurance commissions. This applies to payments made after October 1, 1991, by entities other than individuals or Hindu undivided families. The tax is increased by a surcharge for residents and domestic companies. Exemptions include payments below Rs. 2,500, payments by individuals or Hindu undivided families, and professional services. Failure to comply with deduction and payment requirements results in penalties, interest, and potential imprisonment. Deductors must issue Form 16A certificates and obtain a Tax-deduction Account Number.
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