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Tds deduction on insurance on bus

This query is : Resolved 
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(Querist)
02 January 2015 will TDS deductible on Bus insurance Paid ?


Please Reply ......
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Amol S Joglekar

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Amol S Joglekar (Expert)
02 January 2015 TDS is Not required to be deducted from insurance premium.
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sushil upadhyay

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sushil upadhyay (Querist)
02 January 2015 But why please give me clarification

pleas......
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Amol S Joglekar

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Amol S Joglekar (Expert)
02 January 2015 Let us do it other way round..OK?

You please tell why you think that TDS should be deducted. OK?
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sushil upadhyay

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sushil upadhyay (Querist)
02 January 2015 i am not thinking TDS should be deducted..
but i want to know why tds not deducted
what is rules and regulation
please reply
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Amol S Joglekar

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Amol S Joglekar (Expert)
02 January 2015 OH I see..... We r of same opinion...that is good.

Sushil, this is a new category, getting developed in the CORPORATE world. They will always pose a reverse and hypothetical situation and keep for OPINION. In a way it is good..

See the simple answer to your question is "it is not covered under any of the TDS sections"

Please follow this link
https://incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs%20on%20Tax%20Deducted%20at%20Source(TDS)

and click on second FAQ....really they have made it "make in india", it seems

Your views plase
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
02 January 2015 As per chapter XVII (TDS) only certain transaction which cover under these chapters. Insurance payments are not covered under this chapter.
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ANIL KUMAR

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ANIL KUMAR (Expert)
02 January 2015 Dear Upadhyay jee, Sec. 192 for Salary, 193 for Interest of securities, 194 for dividend 194A for interest..and so on. Where is section for Insurance? As there is no section, so there is no liability of TDS.
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