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of <h1>Tax Deduction Guidelines for Insurance Commissions u/s 194D, Income-tax Act, 1961: Rates, Responsibilities, and Penalties.</h1> The circular outlines the tax deduction requirements under Section 194D of the Income-tax Act, 1961, for insurance commissions during the financial year 1993-94. It specifies the tax deduction rates: 10% for non-corporate residents and 21.5% for domestic companies, with additional surcharges. The circular also details the responsibilities of those deducting tax, including timely payment to the government, issuing tax deduction certificates, and filing annual returns. Penalties for non-compliance are highlighted. Provisions for lower or no tax deductions through certificates from the Assessing Officer are also mentioned.
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