Section 17 - Insertion of New Section 194D - Finance Act, 1973

17. Insertion of New Section 194D After section 194C of the Income-tax Act, the following section shall be inserted, namely :- 194D. Insurance commission. - Any person responsible for paying to a resident any income by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance) shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force : Provided that no deduction shall be made under this section from any such income credited or paid before the 1st day of June, 1973. .