Whether TDS is deductible under section 194D or 194H on insurance commission paid by the agent to the customers taking policies from them?
No. Its not commission but gift in nature.
agreed sir that the true nature is gift, but in the hands of my customer which is a company, the amount received is income and hence taxable, so isin't the agent liable to deduct tds and under which section?
Are you allowed to pass on commission to customers?
Its a normal trade practice.
I mean, can you label it as "commission'? If yes, you can deduct.
Sir, deduct TDS under which section - 194H or 194D?
As per me, its neither business commission nor Insurance commission.
It is illegal to pass on commision to customers as per Sec 41 of Insurance Act.So there is no question of TDS.Futher you can go through the following link for more details
https://theindianlawyer.in/statutesnbareacts/acts/i81.H T M L#_Toc39483135
sir the link mentioned by you is not valid. can you please repost the link.
Here is another link
https://indiankanoon.org/doc/283507/
In case the deduction is by or on behalf of the government Tax at source as deducted has to be deposited on the same day.
In other cases, TDS has to be deposited within one week from the end of the month in which such TDS has been deducted from the source of income. If the amount is credited or paid on the last day of the financial year i.e. 31st march then TDS has to be deposited within 2 months from the end of the financial year in which it is credited or paid. I can suggest you that if you visit www.taxassistindia.com then you can get more information.
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