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Union Budget 2025-26 (Full) + Finance Bill, 2025
Section 194D – Insurance commission
Section 194D of the Act requires that any person responsible for paying to a resident any income by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance) shall, deduct income-tax thereon at the rates in force, provided that the amount of such payment exceeds Rs. 15,000/- in a financial year.
2. It is proposed to increase this threshold amount for requirement of deduction of tax at source under this section from Rs. 15,000/- to Rs. 20,000/-.
3. This amendment will take effect from the 1st day of April 2025.
[Clause 56]
Full Text:
Insurance commission TDS threshold raised, reducing mandatory withholding on smaller commission payments from the Bill's effective financial year. Section 194D requires deduction of income-tax at source on remuneration or reward for soliciting or procuring insurance business paid to a resident where payments in a financial year exceed a prescribed threshold. The Finance Bill, 2025 raises that threshold, reducing the instances where TDS is required, and makes the amendment effective from the commencement of the specified financial year. of Press 'Enter' after typing page number.
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