FINANCIAL YEAR 1982-83

1778. Instructions for deduction of tax at source from insurance commission during financial year 1982-83 at the rates specified in Part II of First Schedule to Finance Bill, 1982

1. I am directed to invite a reference to the Board’s Circular No. 300 [F. No. 275/5/81-IT(B)], dated 27-4-1981 wherein the rates at which the deduction of income-tax was to be made during the financial year 1981-82 from payments of income by way of insurance commission under section 194D were intimated.

2. The Finance Bill, 1982 does not propose any change in the rates at which the deduction of income-tax is to be made during the financial year 1982-83 in Part II of the First Schedule to the said Bill from such income. However, some changes have been proposed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the said Bill. A copy of the proposed Sub-Paragraph I is annexed. The deduction of tax may, therefore, continue to be made at the rates intimated in the circular referred to in para 1 above subject to the rates proposed to be prescribed in the annexed Sub-Paragraph, wherever the same are applicable.

3. These instructions may please be brought to the notice of all concerned. In case of any doubt the Income-tax Officer concerned and/or Public Relations Officer may be consulted.

Circular: No. 340 [F. No. 275/20/82-IT(B)], dated 6-5-1982.

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