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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....87 Circular No.462 Dated 10/7/1986 From B. Nagarajan, Secretary, Central Board of Direct Taxes. To All Insurance Companies. Sir, Subject: 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. I am directed to invite a reference to this Department's Circular No. 42....

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....ly in relation to income by way of insurance commission paid to a resident, under the provisions of section 195 of the Income-tax Act, income-tax is required to be deducted from payments (including payment of income by way of insurance commission) made to a non-corporate non-resident taxpayer as also a company which is neither an Indian company nor a company which has made the prescribed arrangeme....