TaxTMI 
TaxTMI 
Deduction of income-tax at source under section 194D of the Income-tax Act, 1961--Deduction from insurance commission, etc.--Rate of tax applicable during the financial year 1990-91
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.... of income by way of insurance commission under section 194D of the Income-tax Act, 1961, were intimated to you. There is no change in the rates of tax for the financial year 1990-91. For the sake of convenience, the rates for deduction of tax at source under section 194D of the Income-tax Act, 1961, during the financial year 1990-91 are indicated below: Income-tax (i) In the case of a person (other than a company) who is a resident in India 10% (ii) In the case of a domestic company 21.5% 2. The provisions of section 194D of t....
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....inuance, renewal or revival of insurance policies) shall, at the time of actual payment or at the time of credit of such income, whichever is earlier, deduct income-tax at the rates in force. However, no such deduction shall be made under this section in a case where the amount of such income or the aggregate amount of such income during the financial year does not exceed Rs.5,000. 5. It may be noted that the exemption of Rs.5,000 mentioned in para 4 above will not be applicable to such payments made to non-residents. In the case of payments to non-residents where any such sum is credited to any account, whether called "suspense account" or by any other name, in the books of account of the person liable to pay such income to a non- resid....
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....e or warrant is issued, as the case may be. Detailed instructions regarding the issue of certificates for tax deducted at source have been issued in Board's Circular No.529 [F.No.275/3/89-IT (B)], dated 13-2-1989 (See [1989] 176 ITR (St.) 239. If a person fails to furnish a certificate as required by section 203, he shall, on an order passed by the income-tax authority under section 272A of the Income-tax Act pay, by way of penalty a sum which shall not be less than Rs.100 but which may extend to Rs.200 for every day during which the failure continues. (b) According to the provisions of section 203A of the Income-tax Act, it is obligatory for all persons responsible for deducting tax at source to quote the tax deduction account number....
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.... the designated Assessing Officer within 14 days of the date of deduction. If a person fails to furnish in due time the annual return, he shall, on an order passed by the income-tax authority, pay, by way of penalty, a sum which shall not be less than one hundred rupees, but which may extend to two hundred rupees for every day during which the failure continues. (d) According to the provisions of section 200 of the Income-tax Act, any person deducting any sum in accordance with the provisions of section 194D or section 195 shall pay, within the prescribed time, the sum so deducted to the credit of the Central Government. If he fails to deduct tax at source or after deducting fails to pay the tax to the credit of the Government, he sha....
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....RT III OF THE FIRST SCHEDULE Paragraph A, Sub-Paragraph I In the case of every individual or Hindu undivided family or unregistered firm or other association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which Sub-Paragraph II of this Paragraph or any other Paragraph of this Part applies— Rates of income-tax (1) where the total income does not exceed Rs. 22,000 Nil; (2) where the total income exceeds Rs. 22,000 but does not exceed Rs. 30,000 20 per cent of the amount by which the total income exceeds Rs. 22,000; (3) where the total income exceeds Rs.....