Home > Income Tax > TDS > TDS on Payment in respect of Life Insurance Policies – Section 194DA

TDS on Payment in respect of Life Insurance Policies – Section 194DA

Insurance company paying amount to a resident under a life insurance policy including bonus is liable to deduct TDS @ 1% (2% before 1st June 2016). TDS is to be deducted only when such sum is not exempt from income tax under section 10(10D). 

Also tds is to be deducted only when the amount paid to a person during the financial year is rs. 1 lakh or more.

 

About Rohit Agarwal

Leave a Reply

Your email address will not be published. Required fields are marked *


Are you a CA or Tax Practitioner?

Enable this top bar on GST & Income Tax Portals and login in client's account with one click

KNOW MORE
close-link
SUBMIT YOUR QUERY

Upgrade to paid query in Rs 499 and get answer within 24 hours

NOTE - You may get answer to free queries within 30 working days
KNOW MORE!
close-link