Deduction of income-tax at source--Section 194D of the Income-tax Act, 1961--Deduction from insurance commission, etc.--Financial year 1979-80

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....es as may be specified in this behalf by the Finance Act of the relevant year from payments of income by way of insurance commission, to a resident, whether an individual, a company or any other category of person. The rates for deduction of tax at source for the financial year 1979-80, as specified in Part II of the First Schedule to the Finance Act, 1979, are as below: Income-tax Surcharge I. In the case of a person other than a company 10 per cent Nil ; II. In the case of a domestic company 21.5 per cent 1.5 per cent. 3. Though the provisions of section 194D of the Income-tax Act, 1961, apply only in relation to income by way of insurance commission paid to residents, under the provisions of section 195 of that Act income-tax....

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....y way of remuneration or reward whether by way of commission or otherwise for soliciting or procuring insurance business (including business relating to continuance, renewal or reviving of policies of insurance). (ii) Deduction will be made at the time of the credit of the income to the account of, or the payment thereof (by whatever mode) to the payee, whichever is earlier. (iii) The tax deducted should be paid to the credit of the Central Government by remitting it into the Government Treasury or the office of the Reserve Bank of India or the State Bank of India or any other authorised public sector bank within one week from the last day of the month in which the deduction is made. In cases where the income by way of insurance commissio....

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....application in Form No. 13D to the Income-tax Officer concerned and obtain from him a certificate authorising the person responsible for paying the income by way of insurance commission to deduct tax at such rates or deduct no tax, as may be appropriate to his case. Such certificate will be valid for the period specified therein unless it is cancelled by the Income-tax Officer earlier. (viii) The person responsible for making the payments should issue a certificate in Form No. 19D showing therein the amount of income by way of insurance commission credited or paid, the amount of tax deducted at source and the date of payment to the Government Account. (ix) The person making deduction of tax in accordance with section 194D from income by ....