Tds not deducted on insurance premium
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2014
Dear Friends,
Why TDS is not applicable on General Insurance premium and Life Insurance.
One common reason cited by many is that it is not covered under the definition of contract.
Please provide the case law if any along with proper reasoning.
Thanks
Why TDS is not applicable on General Insurance premium and Life Insurance.
One common reason cited by many is that it is not covered under the definition of contract.
Please provide the case law if any along with proper reasoning.
Thanks
Harsha goyal
(Expert)
09 November 2014
One reason that my sir gave me when I was studying CA was these are Govt org. and TDS has to be deducted and deposited into Govt account. So it will be like deducting TDS from Govt and then again depositing tax in their account. So in order to avoid unnecessary complications they have simply exempted these org.
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