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TMI BlogDeduction of income-tax at source-Section 194D of the Income-tax Act, 1961-Deduction from insurance commission, etc.-Rate of tax applicable during the Financial Year 1987-88X X X X Extracts X X X X X X X X Extracts X X X X ..... ite a reference to this Department's Circular No. 462 (F. No. 275/67/86-IT(B)) dated 10-7-86 (printed at [1986] 160 ITR (St.) 58) wherein the rates at which the deduction of income-tax was to be made during the financial year 1986-87 from payment of income by way of insurance commission under section 194D of the Income-tax Act, 1961, were intimated. There is no change in the rate of tax for the financial year 1987-88. For the sake of convenience, the rates for deduction of tax at source under section 194D of the Income-tax Act, 1961, during the financial year 1987-88 are indicated below: Income-tax I. In the case of a person (other than a company) who is a resident in India 10% II. In the case of a domestic company 21.5% 2. Though the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credited or paid during the financial year to the account of, or to, the payee does not exceed five thousand rupees." Similarly, sub-sections (1) and (2) of section 195 have also been substituted/amended as under:- "195. (1) Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest on securities) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head "Salaries" or dividends) 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 the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force. E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BB, section 194C, section 194D and section 195 if he has not been allotted any tax deduction account number shall, within such time as may be prescribed, apply to the Income-tax Officer for the allotment of a tax deduction account number. (2) Where a tax deduction account number has been allotted to a person, such person shall quote such number:- (a) in all challans for the payment of any sum in accordance with the provisions of section 200; (b) in all certificates issued in accordance with the provisions of section 203; (c) in all the returns delivered in accordance with the provisions of sections 206, 206A and 206B to any income-tax authority; and (d) in all other documents pertaining to such transactions as may be prescribed in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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