Section 194D of the Income Tax Act pertains to the deduction of tax at source (TDS) on insurance commission. It mandates that any person responsible for making payment of insurance commission exceeding a specified threshold must deduct TDS at the prescribed rate before making the payment. The section provides guidelines on the rate of TDS, the threshold limit, and the reporting and depositing of the deducted tax. Understanding Section 194D is crucial for insurance companies, agents, and policyholders to ensure compliance with TDS regulations and avoid penalties. This description provides an overview of Section 194D and its implications for TDS on insurance commission payments.
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AXA France Vie Vs ACIT (ITAT Delhi) It is evident, the demand in dispute is as a result of disallowance made under section 40(a)(ia) of the Act due to alleged non-compliance with the provisions of section 194D of the Act. It is the claim of the assessee that the provision contained under section 194D is […]
