An assesee who has earned income which less than the minimum amount chargeable to tax and received insurance commission of Rs200,000(Ie is only he has earned).Is TDS will deducted at this income even if his income is less than minimum amount not chargeable to tax.please tell me TDS treatment please,
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Tds query
Replies (2)
Insurance company will deduct TDS at 10% from insurance commission paid to the agent/advisor. The assessee should collect the TDS certificate from the insurance company and also check 26AS.
The assessee can then file IT return and claim refund.
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