Section 194D:
Insurance commission.
1Any person responsible for paying to a resident any income by
way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring
insurance business (including business relating to the continuance, renewal or revival of policies of
insurance) shall, at the time of credit of such income to the account of the payee or at the time of payment
thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct incometax thereon at the rates in force :
Provided that no deduction shall be made under this section from any such income credited or paid
before the 1st day of June, 1973:
2
Provided further that no deduction shall be made under this section in a case where the amount of
such income or, as the case may be, the aggregate of the amounts of such income credited or paid or
likely to be credited or paid during the financial year to the account of, or to, the payee, does not
exceed 3
fifteen thousand rupees.
Notes:
1. Ins. by Act 21 of 1973, s. 17 (w.e.f. 1-4-1973).
2. Ins. by Act 11 of 1987, s. 48 (w.e.f. 1-6-1987).
3. Subs. by Act 28 of 2016, s. 75, for “twenty thousand rupees” (w.e.f. 1-6-2016). Earlier the quoted words were substituted
by Act 14 of 2010, s. 38, for “five thousand rupees” (w.e.f. 1-7-2010).