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Section - 197A - Enabling of Filing of Form 15G/15H for commission payments specified under section 194D -

 

Under section 194D of the Act tax is to be deducted at source at the rate of 5% on payments in the nature of insurance commission if the payment exceeds Rs.15000/- per financial year. The provisions of section 197A provide for non deduction of tax at source if the recipient furnishes a declaration in Form no.15G/15H declaring that the tax on the estimated total income will be Nil. However, this section 194D does not find a place in section 197A. By amendment it is proposed that deduction under section 194D will also not be made if the deductees furnish declaration in Form no.15G/15H.

 

The amendment will effective from 1st June 2017.


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