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TDS on NON LIFE INSURANCE COMPANY
Can tds be deducted on the claim paid amount by any insurance company in case of non life insurance??
Replies (6)
Yes,under section 194D @ 5%
can you explain more, thus i get a clear conclusion?
See if the payment is in the nature of insurance commission so in that case insurance company deduct TDS from resident agent @ 5% provided the payment Amount of commission is exceeding 15000p.a.
Okh i agree with you, but my query still as it is that on compensating or claim paid amount by any insurance company in case of non life insurance? not for commission paid .
No,194DA specifically related to life insurance policy
No, there is no such TDS requirement while paying claim amount on Non Life insurance (say Car Insurances).
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