Section 194DA mandates tax deduction at source (TDS) at 5% on payments made under life insurance policies, excluding exempt amounts. The proposed amendment reduces the TDS rate from 5% to 2%, effective October 1, 2024, rationalizing and simplifying taxation of capital gains from life insurance policies.
Section 194DA mandates tax deduction at source (TDS) at 5% on payments made under life insurance policies, excluding exempt amounts. The proposed amendment reduces the TDS rate from 5% to 2%, effective October 1, 2024, rationalizing and simplifying taxation of capital gains from life insurance policies.
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