Tax Amendment: Section 194DA Reduces TDS on Life Insurance Payouts Over Rs. 100,000 from 2% to 1.

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....Amendment of section 194DA. - TDS - any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, which is not exempt under clause (10D) of section 10, shall, at the time of payment thereof, deduct income-tax at the rate of two per cent., in case the aggregate amount of such payments exceeds one hundred thousand rupees during the financial year. - the said rate of tax deduction from two per cent. to one per cent.....