Deduction of income-tax at source-Section 194D of the Income-tax Act, 1961-Deduction from insurance commission, etc.-During the financial year 1982-83 - Income Tax - 340/1982

Deduction of income-tax at source-Section 194D of the Income-tax Act, 1961-Deduction from insurance commission, etc.-During the financial year 1982-83 Circular No. 340 Dated 6/5/1982 From R.C. Handa, Secretary, Central Board of Direct Taxes. To All Insurance Companies. Subject: Deduction of income-tax at source-Section 194D of the Income-tax Act, 1961-Deduction from insurance commission, etc.-During the financial year 1982-83. Sir, I am directed to invite a reference to the Board's Circular No. 300 [F. No. 275/5/81-IT(B)], dated the 27th April, 1981, printed at [1981] 129 ITR (St.) 32, wherein the rates at which the deduction of income-tax was to be made during the financial year 1981-82, from payments of income by way of insurance commission under section 194D of the Income-tax Act, 1961, were intimated. 2. The Finance Bill, 1982, does not propose any change in the rates at which the deduction of income-tax is to be made during the financial year 1982-83 in Part II of the First Schedule to the said Bill from such income. However, some changes have been proposed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the said Bill. A copy of the proposed Sub-Paragraph I is annexed. The deduction of tax may, therefore, continue to be made at the rates intimated in the Circular referred to in para. 1 above subject to the rates proposed to be prescribed in the annexed Sub-Paragraph, wherever the same are applicable. 3. These instructions may please be brought to the notice of all concerned. In case of any doubt the Income-tax Officer concerned and/or Public Relations Officer may be consulted. Yours faithfully, (Sd.) R.C. Handa, Secretary, Central Board of Direct Taxes.