Section 194DA
Payment in respect of life insurance policy. Repealed
About this Act
An Act to consolidate and amend the law relating to income-tax and super-tax
1Any person responsible for paying to a
resident any sum under a life insurance policy, including the sum allocated by way of bonus on such
policy, other than the amount not includible in the total income under clause (10D) of section 10, shall, at
the time of payment thereof, deduct income-tax thereon at the rate of 2
one per cent.:
Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupees.
Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupees.
Notes
1. Ins. by Act 25 of 2014, s. 57 (w.e.f. 1-10-2014).
2. Subs. by Act 28 of 2016, s. 76, for “two per cent.” (w.e.f. 1-6-2016).
2. Subs. by Act 28 of 2016, s. 76, for “two per cent.” (w.e.f. 1-6-2016).