Insertion of new section 194DA- Payment in respect of life insurance policy

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Full Text of the Document

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.... for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under clause (10D) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the rate of two per cent.: Provided that no deduction under this section shall be made where the amount of such pa....