Tax deduction on insurance commission and brokerage applies at credit or payment, subject to prescribed thresholds and payer categories. Section 393(1) requires tax deduction at source on insurance commission and on commission or brokerage other than insurance commission, subject to the ... Summary
Tax deduction on insurance commission and brokerage applies at credit or payment, subject to prescribed thresholds and payer categories.
Section 393(1) requires tax deduction at source on insurance commission and on commission or brokerage other than insurance commission, subject to the prescribed threshold. Insurance-business remuneration is deductible by any person at rates in force, while non-insurance commission or brokerage is deductible by a specified person at 2%. Deduction arises at the earlier of credit or payment. "Rates in force" means the applicable income-tax or TDS rates fixed by the annual Finance Act, and a no-deduction exception applies under Section 393(4), Serial No. 1.
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