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TMI BlogDeduction of income-tax at source--Section 194D of the Income-tax Act, 1961-Deduction from insurance commission, etc.--Financial year 1976-77X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 194D of the Income-tax Act, 1961, provides for deduction of income-tax at source, at such rates may be prescribed by the Finance Act of the relevant year, from payments of income by way of insurance commission, to a resident, whether an individual, a company or any other category of person. The rates for deduction of tax at source for the financial year 1976-77, which are prescribed in Part II of the First Schedule to the Finance Act, 1976, 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 provision of section 194D of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is given hereunder: (i) For the purpose of deduction of tax at source "insurance commission" will mean 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 continuance, renewal or reviving of policies of insurance) (ii) Income-tax will be deductible from the amount credited or paid after 31st May, 1973 even if the relevant amounts accrued before that date. (iii) 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. (iv) The tax deducted should be paid to the credit of the Central Government by remitting it into the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay be appropriate to his case. Such certificate will be valid for the period specified therein unless it is cancelled by the Income-tax Officer earlier. (viii) The person responsible for making the payments should issue a certificate in Form No.19D showing therein the amount of income by way of insurance commission credited or paid, the amount of tax deducted at source and the date of payment to the Government account. (ix) The person making deduction of tax in accordance with section 194D from income by way of insurance commision should send to the Income-tax Officer having jurisdiction to assess him: (a) a certificate in Form NO. 26D quarterly on July 15th, October 15th, January 15th and April 15th in respect of deduction of tax mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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