Section 194D of Income Tax Act "Insurance commission"
194D. 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, at the time of credit of such income to the account
of the payee or at the time of payment thereof in cash or by
issue of a cheque or draft or by any other mode, whichever
is earlier, deduct income-tax thereon at the rates in force
:
Provided that no deduction shall be made under this section
from any such income credited or paid before the 1st day of
June, 1973:
Provided further that no deduction shall be made under this
section in a case where the amount of such income or, as the
case may be, the aggregate of the amounts of such income
credited or paid or likely to be credited or paid during the
financial year to the account of, or to, the payee, does not
exceed fifteen thousand rupees.
194DA. 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, 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 50[five per cent on the
amount of income comprised therein] :
Provided that no deduction under this section shall be made
where the amount of such payment or, as the case may be, the
aggregate amount of such payments to the payee during the
financial year is less than one hundred thousand rupees.
What is Direct payment? What is Salary? Section 191 and 192 of Income Tax Act 1961
What are Dividends? Section 194 of Income Tax Act 1961
What is Rent? Section 194 I of Income Tax Act 1961
What is Interest other than Interest on securities? Section 194A of Income Tax Act 1961
What is Payments to contractors? Section 194C of Income Tax Act 1961