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Best Answer
Srinivasan Mahadevan answered 3 years ago
TDS is not applicable for insurance premiums. An employer cannot claim TDS benefit on insurance premiums as insurance company will not accept deduction of TDS amount on insurance premiums.
TDS Deduction of tax is applicable only on remuneration or reward, by way of commission to be received by the agent or a broker who has sold the insurance policy. Such a commission, remuneration, or a reward attracts tax deduction at source under section 194D on Income Tax Act, 1961.
TDS Deduction of tax is applicable only on remuneration or reward, by way of commission to be received by the agent or a broker who has sold the insurance policy. Such a commission, remuneration, or a reward attracts tax deduction at source under section 194D on Income Tax Act, 1961.
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