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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A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST returns, and statutory forms.
The dispute concerned denial of TDS credit solely due to non-reflection in Form 26AS. The Tribunal held that Form 26AS is not conclusive and factual deduction of tax overrides system mismatch.
Kerala High Court held that Bank is not required to deduct TDS on interest paid to senior citizen who has provided Form 15H. Accordingly, Bank cannot be considered as assessee in default for non-deduction of such TDS.
ITAT Mumbai ruled that referral payments made by an individual insurance agent to unlicensed persons do not fall under TDS provisions of Section 194D. Arbitrary disallowance of such commissions was deleted.
Learn about TDS on commission and brokerage under Section 194H, including rates, thresholds, and liability. Key updates for FY 2025-26 and PAN implications.
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.
