TDS on commercial bus insurance payment

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1 Points Joined February 2025

Is TDS Deductable on  payment of insurance premium of commercial bus service.

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On 20 February 2025 at 11:45 Report
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Master in Accounts & high court Advocate
9596 Points Joined December 2011

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.

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On 21 February 2025 at 10:31
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28165 Points Joined May 2017

Insurance premium is exempted from tds.

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On 21 February 2025 at 10:55

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