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Tax Deducted At Source (TDS) From Insurance Commission [ Section 194D]

 

3.9.      TAX DEDUCTED AT SOURCE FROM INSURANCE COMMISSION [SECTION 194D]

The Provisions of Section-194 D towards Tax Deducted At Source (TDS) From Insurance Commission [ Section 194D] are given below---

Who is the taxpayer

Any person paying Insurance Commission

Who is the recipient

A resident person

Payment covered

Insurance Commission

At what time tax has to be deducted at source

At the time of payment or at the time of credit, whichever is earlier.

Maximum amount which can be paid without Tax Deduction

If the amount of payment is Rs. 20,000 or less than Rs.20,000

Rate of tax deducted at source

10% + surcharges + education cess & higher secondary education cess, if the recipient is resident non-corporate assessee
20% + surcharges + education cess & higher secondary education cess, if the recipient is resident corporate assessee

Is it possible to get the payment without tax deduction or with lower tax deduction

The recipient can make an application in Form No.13 to the Assessing Officer to get a certificate of lower tax deduction or no tax deduction.

 
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