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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Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. Stay informed to plan effectively.
Section 194D now increases the threshold for tax deduction on insurance commissions from Rs. 15,000 to Rs. 20,000, effective from April 2025.
Finance Bill 2025 proposes new TDS thresholds for various sections, including interest, dividends, and commissions, effective April 1, 2025.
Important TDS rate changes from October 1, 2024, affecting insurance, rent, commissions, mutual funds, and e-commerce. Learn about the reduced rates and new provisions.
Budget 2024 reduces TDS rates for insurance commission (section 194D) and life insurance payouts (section 194DA) from 5% to 2%, effective from 2024.
Gain a comprehensive understanding of Tax Deducted At Source (TDS) provisions under the Income Tax Act, 1961. Explore key sections such as 192, 193, 194, and 195, which cover various payment scenarios where tax deduction is required. Learn about TDS rates, thresholds, and implications for different types of income.
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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 […]
