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TMI BlogInstructions for deduction of tax at source from insurance commission during financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974X X X X Extracts X X X X X X X X Extracts X X X X ..... ry of person. The rates for deduction of tax at source for the financial year 1974-75 which are prescribed in Part II of the First Schedule to the Finance Act, 1974 are as below : Income-tax Surcharge I. In the case of a person other than a company 10 per cent Nil; II. In the case of a domestic company 22 per cent 1 per cent. 2. Though provisions of section 194D apply only in relation to income by way of insurance commission paid to residents, under the provisions of section 195, income-tax is required to be deducted from payments (including payments of income by way of insurance commission) made to non-corporate non-resident taxpayers as also to companies w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax will be deductible from the amount credited or paid after May 31, 1973 even if the relevant amounts accrued before that date. (3) Deduction will be made at the time of the credit of the income to the account of, or the payment thereof (by whatever mode) to the payee, whichever is earlier. (4) The tax deducted should be paid to the credit of the Central Government by remitting it into the Government Treasury or the office of the Reserve Bank of India or State Bank of India within one week from the last day of the month in which the deduction is made. In cases where the income by way of insurance commission is credited to the account of the payee as on the date up to which the accounts of the payer's business are made, the tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at source, and the date of payment to the Government account. (10) The person making deduction of tax in accordance with section 194D from income by way of insurance commission should send to the Income-tax Officer having jurisdiction to assess him— (a) a certificate in Form No. 26D quarterly on 15 July, 15 October, 15 January and 15 April, in respect of deduction of tax made by him during the preceding quarter; (b) a statement in Form No. 26E on or before June 30 each year containing details of amounts of insurance commission from which tax has been deducted by him during the immediately preceding financial year; and (c) a statement in Form No. 26-I on or before June 30 each year containing details of amounts of i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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