Instructions for deduction of tax at source from insurance commission during financial year 1973-74 at the rates specified in Part II of First Schedule to Finance Act, 1973

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....pecified in Part II of First Schedule to Finance Act, 1973 1. In partial modification of Ministry of Finance (Department of Revenue and Insurance) Circular No. 112 [F. No. 275/64/73-ITJ], dated 31-5-1973 it is hereby clarified that the provisions of section 194D inserted by the Finance Act, 1973, providing for deduction of income-tax at source from payments of income by way of insurance commissio....

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.... from such payments made to a non-resident, not being a company, or to a company which is neither an Indian company nor a company which has made the arrangements as prescribed by rule 27 for the declaration and payment of dividends within India, will have to be deducted under section 195 of the Income-tax Act. The rate of deduction of tax at source in the case of persons other than companies, as s....