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.
Goods and Services Tax : The content addresses key statutory deadlines under income tax and GST laws for May 2026. It highlights due dates and compliance r...
Income Tax : Learn about TDS on commission and brokerage under Section 194H, including rates, thresholds, and liability. Key updates for FY 202...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Income Tax : Section 194D now increases the threshold for tax deduction on insurance commissions from Rs. 15,000 to Rs. 20,000, effective from ...
Income Tax : Finance Bill 2025 proposes new TDS thresholds for various sections, including interest, dividends, and commissions, effective Apri...
Income Tax : Budget 2024 reduces TDS rates for insurance commission (section 194D) and life insurance payouts (section 194DA) from 5% to 2%, ef...
Income Tax : The dispute concerned denial of TDS credit solely due to non-reflection in Form 26AS. The Tribunal held that Form 26AS is not conc...
Income Tax : Kerala High Court held that Bank is not required to deduct TDS on interest paid to senior citizen who has provided Form 15H. Accor...
Income Tax : ITAT Mumbai ruled that referral payments made by an individual insurance agent to unlicensed persons do not fall under TDS provisi...
Income Tax : 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)(i...
The content addresses key statutory deadlines under income tax and GST laws for May 2026. It highlights due dates and compliance requirements, emphasizing timely filing and payment to avoid penalties.
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.
