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Tds on insurance premium

This query is : Resolved 

Querist : Anonymous (Querist) 30 March 2012

Dear All,

Can anyone please confirm whether TDS is applicable on insurance premium paid to ins. co., if no, then under which provision ?


CA Siddhartha Bhardwaj (Expert)
30 March 2012

TDS is not applicable on insurance premium paid to an insurance company.

The provisions of TDS do not have a negative list (TDS is NOT applicable on this & this).

TDS provisions are exhaustive provisions. They just provide the nature of incomes on which TDS is required to be deducted.

Apart from these incomes, TDS is NOT required to be deducted on any payments.

Since, TDS chapter does not provide for deduction of TDS on insurance premium, no TDS will be deducted at the time of payment of such amount.

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