Deduction 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 1986-87

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..... -87 Circular No.462 Dated 10/7/1986 From B. Nagarajan, Secretary, Central Board of Direct Taxes. To All Insurance Companies. Sir, Subject: Deduction 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 1986-87. I am directed to invite a reference to this Department's Circular No. 4 .....

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..... nly in relation to income by way of insurance commission paid to a resident, under the provisions of section 195 of the Income-tax Act, income-tax is required to be deducted from payments (including payment of income by way of insurance commission) made to a non-corporate non-resident taxpayer as also a company which is neither an Indian company nor a company which has made the prescribed arrangem .....

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..... main provisions in law in so far as they relate to deduction of income-tax from insurance commission, as given in paragraph 3 of the aforesaid circular. 2. The contents of this circular may please be brought to the notice of all concerned. In case of doubt, the Income-tax Officer may be consulted. Copies of the circular will be available with the Director of Inspection (IRS & PR), 6th Floor, May .....

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