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Tds

Anita Kulkarni (Student CA Final ) (166 Points)

06 January 2016

whether TDs need to be deducted on premium paid on fire insurance.. if yes under which section

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Kumar Purohit (Articled Assistant) (653 Points)
Replied 06 January 2016

Tds is not required to be deducted on payment of insurance premiums 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. 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. Hence there is no need to deduct tds on fire Insurance premium Thanks