ST on Insurance commission
This query is : Resolved
12 June 2016
Dear Sir,
My brother is an insurance agent.Due to IRDA norms,in his 26AS tax credit is getting reflected u/s 194I(b).Since his total commission has exceed 10 lakhs..under what accounting code should he pay ST?
CA R SEETHARAMAN
(Expert)
13 June 2016
No need to pay any ST by your brother. ST under RCM will bw payable by insurance company.
13 June 2016
Sir,I agree with you are reply.But the TDS deducted by the insurance company is being paid under sec194I(b) which signifies that income earned by my brother is under renting of machinery and not insurance commission(sec 194D)...
CA R SEETHARAMAN
(Expert)
14 June 2016
Ask the insurance company to revise the TDS return.
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