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 ..... resident 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 cases TDS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 payable any previous year during the te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4DA 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 loan amount to policyholder as follows - Date of giving Loan by insurance company Amount of TDS under section 194DA Before 01.10.2014 No TDS (section 194DA is applicable only from 01.10.2014) During the 01.10.2014 and 31.05.2016 2% of Loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnishes to the payer a self-declaration in prescribed Form No. 15G /15H declaring that the tax on his estimated total income of the relevant previous year would be nil. [ Explanatory Notes the Finance Act 2015 ] - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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