Tds on insurance premium.

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Employee- Finance
38 Points Posted on 17 June 2016

Hi all,

Our company has taken insurance for directors & officers. Also insurance is taken on assets of the company. Do we need to deduct tds on premiums for those 2 policies? If so , at what rate do we need to deduct . Please reply with explanation.

Thanks in Advance..

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On 17 June 2016 at 18:09 Report
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CMA
9106 Points Posted on 17 June 2016

As I understand, TDS is not applicable on insurance premium as it is not covered within the purview of TDS. Hence no need to deduct it from premium.

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On 17 June 2016 at 18:19
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Employee- Finance
38 Points Posted on 17 June 2016

Thanks Poornima..

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On 17 June 2016 at 18:22
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Chartered Accountant
1725 Points Posted on 18 June 2016
Agree with Poornima Ji TDS Provisions are exhaustive provisions. They just provide the nature of incomes on which TDS is required to be deducted. Apart from those incomes, TDS is NOT required to be deducted on any payments.
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On 18 June 2016 at 16:20

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