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Taxes with PensionBox- Section 194D TDS on the Insurance Commission
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Vaishnavi Verma
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Blog Related Questions
When is TDS deducted under Section 194D of the Income Tax Act?TDS under Section 194D is deducted when a payment is made in the form of a reward or commission for obtaining insurance business or for the resumption of insurance policies. This deduction occurs when the commission is either credited to the recipient's bank account or paid in cash or by check. The current TDS rate is 5% on the gross commission amount, which includes any GST component.
Are there any exemptions to TDS deduction under Section 194D?Yes, there are exemptions under Section 194D. TDS is not deducted if the commission paid during a financial year does not exceed ₹15,000. Additionally, self-declarations using Form 15G or Form 15H can be submitted to avoid TDS deduction if applicable. Failure to deduct or deposit TDS can result in an interest penalty of 1.5% per month.
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