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TMI BlogSection 194DA - TDS on payment in respect of Life Insurance PolicyX X X X Extracts X X X X X X X X Extracts X X X X ..... nt any sum under a life insurance policy (including Bouns) shall deduct income-tax thereon, in the case. When TDS U/s 194DA is applicable - Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, shall, at the time of payment thereof, deduct income-tax thereon. Consequently, In the following cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any of the years during the term of the policy exceeds 10% of the actual capital sum assured; (e) Any payment under life insurance policy issued after 31.03.2013, to a person covered u/s 80U or 80DDB where annual insurance premium is more than 15% of Capital sum assured (f) any payment under unit -linked insurance plan (ULIP policy) issued on or after 01.02.2021 if insurance premium p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp;[ Substituted vide Finance (No. 2) Act, 2024 w.e.f. 01.10.2024 ] Threshold Limit * No TDS where amount does not exceed 1,00,000 during the financial year. Loan on Insurance Policy TDS provisions of section 194DA are applicable whether payment is made at the time of maturity or otherwises. TDS provisions of section 194DA are applicable even at the time of releases of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... * where the tax payable on recipient's total income, including the payment made under life insurance, will be nil. The existing provisions of section 197A of the Income-tax Act inter alia provide that tax shall not be deducted, if the recipient of the certain payment on which tax is deductible furnishes to the payer a self-declaration in prescribed Form No.15G/15H declaring that the tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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