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of <h1>Income Tax Bill 2025 Clause 393(1) maintains 2% TDS on life insurance payouts over Rs 1 lakh annually</h1> The Income Tax Bill 2025's Clause 393(1) and the Income-tax Act 1961's Section 194DA both mandate tax deduction at source on non-exempt life insurance payouts. Both provisions require 2% TDS on the taxable portion of payouts exceeding Rs. 1,00,000 annually, excluding amounts exempt under respective exemption schedules. The 2025 Bill refines the framework by allowing deduction at credit or payment (whichever earlier) and explicitly providing declaration options for non-deduction when income falls below taxable thresholds. Key interpretative challenges remain regarding computation of taxable income and aggregation mechanisms across multiple policies.
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