194da payment in respect of life insurance policy
Post on 29-Sep-2015
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2/6/2015 IncomeTaxDepartment
http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Act&cname=CMSID&cval=102120000000037845&opt=&IsDlg=0 1/1
Paymentinrespectoflifeinsurancepolicy
92a[Paymentinrespectoflifeinsurancepolicy.92b
194DA.Anyperson responsible forpaying toa residentany sumundera life insurancepolicy,includingthesumallocatedbywayofbonusonsuchpolicy,otherthantheamountnotincludibleinthetotalincomeunderclause(10D)ofsection10,shall,atthetimeofpaymentthereof,deductincometaxthereonattherateoftwopercent:Providedthatnodeductionunderthissectionshallbemadewheretheamountofsuchpaymentor,asthecasemaybe,theaggregateamountofsuchpaymentstothepayeeduringthefinancialyearislessthanonehundredthousandrupees.]
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