Is TDS Deductable on payment of insurance premium of commercial bus service.
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TDS on commercial bus insurance payment
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Quick Summary
TDS applicability on insurance premium payments for commercial bus services is governed by the Income-tax Act, 1961. TDS Provisions - *Section 194D*: TDS is deductible on insurance premiums paid to an Indian insurance company, but only if the payment exceeds ₹20,000 in a financial year. - *Section 194DA*: However, Section 194DA specifically excludes payments made for commercial vehicle insurance from TDS. Applicability Given that the insurance premium is for a commercial bus service, *TDS is not deductible* on such payments, as per Section 194DA. Conclusion No TDS is required to be deducted on payment of insurance premium for commercial bus services.
Insurance premium is exempted from tds.
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