Deduction of income-tax at source-Section 194D of the Income-tax Act, 1961-Deduction from insurance commission, etc.-Rate of tax applicable during the financial year 1986-87

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....plicable during the financial year 1986-87 Circular No.462 Dated 10/7/1986 From             B. Nagarajan,             Secretary,             Central Board of Direct Taxes. To       ....

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....ion of tax at source under section 194D of the Income-tax Act during the financial year 1986-87: Income-tax I. In the case of a person (other than a company) who is resident in India 10 per cent; II. In the case of a domestic company 21.5 per cent; Though the provisions of section 194D of the Income-tax Act, 1961, apply only in relation to income by way of insurance commiss....

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....ribed in Sub-paragraph I of Paragraph A of Part III of the said Schedule (Extracts given in Annexure), if such income had been the total income of such person, whichever is higher. In the case of a company which is not a domestic company, tax on insurance commission is to be deducted at the rate of 65%. There is no change in the substance of the main provisions in law in so far as they relate to d....