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Interest on bank FDs and Insurance commission is subject TDS rate of: 1 point

Sheethal Kn (1 Points)

31 August 2020

Interest on bank FDs and Insurance commission is subject TDS rate of:

1 point

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3 Replies

erick dsa (2 Points)
Replied 31 August 2020

1.TDS on interest on FD will be deducted at 10% if the interest amount exceeds ₹40000.
2.TDS on insurance commission - As per sec 194D , if commission paid exceeds ₹15000 , TDS to be deducted at 5% and 10% for person other than company and domestic company respectively.

abhay garg (Senior auditor) (110 Points)
Replied 31 August 2020

In case the insurance commission is paid before 14th May 2020 than TDS under section 194D is to be deducted at the rate of 5% or 10% as the case may be, where, insurance commission is paid after 14th May 2020 than TDS under section 194D is to be deducted at the rate of 3.75% or 7.50% as the case may be, the reduced rate is applicable only for the period from 14th May 2020 to 31st March 2021.