INCOME TAX SECTION 194DA - Payment in respect of life insurance policy


Description

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, other than the amount not includible in the total income under clause (10D) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the rate of 54[one] per cent:

Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupees.


Click here to read more from the Income Tax Act


Find the best lawyer for Income Tax Section 194DA charges

Related Questions

In how much time is a bail / anticipatory bail granted?

If we apply for an anticipatory bail or a regular bail, in how much time can this be granted?…

Read More

How can I get bail in a non bailable offence?

I have been framed in a case by some people and the Police is saying that the charges against me are non bailable in nature. How can I get bail in a n…

Read More

How can I quash the FIR by compromise with the complainant?

I have come to terms with the person who had filed a criminal complaint against me and now they are willing to compromise with me. How can the FIR aga…

Read More

When and where can I apply for anticipatory bail?

When and where can I apply for an anticipatory bail in case someone has filed criminal complaint against me and Police may have registered an FIR?…

Read More

Talk to a lawyer for your legal issue